India and Saudi Arabia to work together on supply chains, green/clean hydrogen, and electrical connectivity. RK Singh, the union minister for electricity and new renewable energy, and Abdulaziz bin Salman Al-Saud, the Saudi Arabian minister of energy, signed the memorandum of understanding on October 8 in Riyadh, Saudi Arabia, as part of the MENA Climate Week 2023.
A statement from the Ministry of Power stated that the goal of the MoU was to 'establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak hours 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 the green/clean hydrogen and the renewable energy sector'.
In order to establish 'complete supply and value chains in the mentioned areas of energy sector cooperation', the two energy ministers also decided to boost B2B Business Summits and encourage frequent encounters between their nations. An earlier high-level event of the Middle East and North Africa (MENA) Climate Week 2023, which is taking place in Riyadh, Saudi Arabia, from October 8 to 12, 2023, was attended by a delegation from India led by the electricity minister.
India has become a worldwide leader in the energy transition and is one of the most important voices in the energy landscape today. India, which accounts for about 17% of the global population and the fifth-largest economy in the world, is making substantial efforts to cut its GDP's emission intensity by 45% by 2030 and to reach net zero emissions by 2070.
He also emphasised the significance of green hydrogen in India's energy transformation, noting that the Indian government has established the National Green Hydrogen Mission with a 'initial outlay of US $2.3 billion'. Singh invited the nations of the Middle East and North Africa to join the Global Biofuel Alliance. The goal of this alliance, he emphasised, is to facilitate cooperation in intensifying the development and deployment of sustainable biofuels.