India and Saudi Arabia to collaborate on green hydrogen
09 October 2023 18:05
Indian and Saudi Arabian officials have signed a memorandum of understanding to cooperate on green hydrogen, electrical infrastructure, and renewable energy supply chains.
The agreement signed on October 8 during MENA Climate Week in the Saudi capital of Riyadh creates a framework for the two countries to share technical knowledge related to electrical interconnections, exchanging electricity during peak times and emergencies, co-developing energy infrastructure, co-producing of green hydrogen, and establishing “secure, reliable and resilient supply chains of materials” for renewable energy projects.
The agreement reflects important economic changes in both countries. The most populous country and the fifth largest economy in the world, India is seeking to cut carbon-intensive industries as a proportion of gross domestic product by 45 percent by 2030, a shift that will help the country reach its target of net zero carbon emissions by 2070.
“The country has made significant strides in enhancing power generation capacity from non-fossil fuels, established a unified national grid and has strengthened distribution network, promoting renewable energy, expanding access to energy and achieving 100 percent household electrification, and implementing innovative policies,” said Indian Union Minister for Power and New & Renewable Energy Shri R.K. Singh in an October 8 press release.
Saudi Arabia, the largest oil producer in the world, meanwhile, is pursuing numerous green paths to diversify its economic portfolio as demand for oil decreases in the coming years.
The two sides also pledged to organize business-to-business summits and other interactions between commercial groups to help establish new supply and value chains to reach their economic and environmental goals. ce/jd