India and Saudi Arabia have signed a Memorandum of Understanding (MoU) in Riyadh, Saudi Arabia, to establish cooperation in areas such as electrical interconnections, green/clean hydrogen, and supply chains.
The MoU was signed between the visiting Union Minister for Power and New & Renewable Energy, Government of India, Shri R.K. Singh, and the Minister of Energy, Government of Saudi Arabia, Mr. Abdulaziz bin Salman Al-Saud, on the sidelines of the MENA Climate Week in Riyadh today.
The 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 establishing secure, reliable, and resilient supply chains of materials used in green/clean hydrogen and the renewable energy sector.
The two energy ministers also decided that B2B Business Summits and regular B2B interactions will be conducted between the two countries to establish complete supply and value chains in these areas of energy sector cooperation.
India’s Union Minister for Power and New & Renewable Energy, Shri R.K. Singh, highlighted the importance of MENA Climate Week in exploring and sharing opportunities to shape the future of energy production, consumption, and sustainability on a global scale. He recalled India’s energy sector’s remarkable transformation, aiming to provide reliable, affordable, and sustainable energy to its people.
Shri Singh also called upon MENA countries to join the Global Biofuel Alliance to advance international cooperation in sustainable biofuels. The Alliance aims to facilitate cooperation in intensifying the development and deployment of sustainable biofuels, facilitate trade in biofuels, and much more, in collaboration with international biofuels organizations. He underlined that all nations must recognize that the energy transition will have different challenges and opportunities for developing countries and the global south in particular.
The high-level GST (Global Stocktake of the Paris Agreement) regional dialogue at the Middle-East and North Africa (MENA) Climate Week will bring together policy makers, key stakeholders, and partners in the intergovernmental process to discuss key messages from the region with a view to shaping the GST outcome.
The dialogue will further serve as a platform to discuss the challenges, barriers, solutions, and opportunities for enhancing climate action and support within the context of MENA and for enhancing international cooperation.
The first global stocktake of the Paris Agreement (GST) allows countries to periodically take stock of the implementation of the Paris Agreement to assess the collective progress towards achieving the purpose of the Agreement and its long-term goals. The outcome of the GST shall inform Parties in updating and enhancing their action and support, as well as in enhancing international cooperation for climate action.
The conclusion of the first global stocktake is an important political moment to highlight collective progress made globally towards the achievement of the Paris Agreement provisions and goals, underscore challenges but also the plenitude of opportunities to accelerate climate action, and signal a positive message of unity and cooperation to the world.
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Source: PIB
