Minister agrees on B2B Business Summits and regular B2B interactions
India and Saudi Arabia have signed a Memorandum of Understanding in Riyadh on 8 Oct to cooperate in the fields of Electrical Interconnections, Green, Clean Hydrogen and Supply Chains.
The MoU was signed between the visiting Minister for Power and New & Renewable Energy R.K. Singh and the Saudi Energy Minister Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week in Riyadh.
This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green / clean hydrogen and renewable energy; and also establishing secure, reliable and resilient supply chains of materials used in green / clean hydrogen and the renewable energy sector.
It was also decided between the two energy ministers that B2B Business Summits and regular B2B interactions between the two countries will be conducted to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation.
Earlier, an Indian delegation led by the Minister Singh participated in the High-Level Segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held 8-12 Oct in Riyadh.
The Saudi-hosted MENA Climate Week 2023 will discuss climate solutions ahead of COP28 and brings together a diverse group of stakeholders to discuss many topics, including the Global Stocktake, and the economic and energy security aspects of climate action in the context of the Paris Agreement.
It provides a valuable opportunity to share insights and best practices, and to develop ambitious climate strategies for the rest of this critical decade.
Speaking at the gathering, the Indian Minister called upon MENA countries to join the Global Biofuel Alliance, in order to advance international cooperation in sustainable biofuels to realize the full potential of the Alliance.
He said that the Alliance aims to facilitate cooperation in intensifying the development and deployment of sustainable biofuels, to facilitate trade in biofuels and much more, in collaboration with international biofuels organizations.
The Minister underlined that India firmly believes that all nations must recognize that the energy transition will have different challenges and opportunities for developing countries and the global south in particular. “Therefore, it is imperative that we work together to support each other in this transition.”
Singh asserted at the MENA Climate Week that individual actions and sustainable behavioural choices are crucial to achieve the energy transition in a sustainable manner. “In this regard, I call upon MENA region to join India’s initiative on Lifestyle for Environment (LiFE).” Fiinews.com
