India and Saudi Arabia signed a Memorandum of Understanding (MoU) in Riyadh, focusing on cooperation in the fields of Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. The MoU was signed between Shri R.K. Singh, the Union Minister for Power and New & Renewable Energy of India, and Mr. Abdulaziz bin Salman Al-Saud, the Minister of Energy of Saudi Arabia. The agreement aims to establish a general framework for cooperation, covering electrical interconnection, exchange of electricity during peak times and emergencies, co-development of projects, co-production of green/clean hydrogen and renewable energy, and establishing secure and resilient supply chains for materials used in these sectors.
As part of the collaboration, both countries agreed to conduct Business-to-Business (B2B) Summits and regular interactions to establish complete supply and value chains in the areas of energy sector cooperation mentioned in the MoU.
Additionally, Shri R.K. Singh led an Indian delegation to the Middle East and North Africa (MENA) Climate Week 2023 in Riyadh, Saudi Arabia. During the event, the Union Minister emphasized India’s commitment to reducing emission intensity and achieving Net Zero by 2070. He highlighted India’s significant strides in the energy sector, including enhancing power generation capacity from non-fossil fuels, establishing a unified national grid, promoting renewable energy, expanding access to energy, achieving 100% household electrification, and implementing innovative policies.
Shri Singh also announced the launch of India’s National Green Hydrogen Mission, which has an initial outlay of US $2.3 billion. He called upon MENA countries to join the Global Biofuel Alliance and encouraged them to participate in India’s initiative on Lifestyle for Environment (LiFE). The MENA Climate Week provided a platform for discussing climate solutions ahead of COP28 and fostering international cooperation in sustainable and clean energy practices.
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