India and Saudi Arabia have signed a Memorandum of Understanding (MoU) to cooperate in the fields of Electrical Interconnections, Green/Clean Hydrogen, and Supply Chains. The MoU was signed during the MENA Climate Week in Riyadh, Saudi Arabia. The agreement aims to establish cooperation between the two countries in electrical interconnection, the 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 for materials used in green/clean hydrogen and the renewable energy sector. B2B Business Summits and regular interactions will also be conducted to establish complete supply and value chains in these areas of cooperation.
India’s Power and New & Renewable Energy Minister, Shri R.K. Singh, expressed the importance of the MENA Climate Week in shaping the future of energy production, consumption, and sustainability globally. He highlighted India’s commitment to reducing its emission intensity and achieving Net Zero by 2070, as well as the launch of the National Green Hydrogen Mission with an initial outlay of $2.3 billion. Shri Singh called on MENA countries to join the Global Biofuel Alliance and India’s initiative on Lifestyle for Environment (LiFE). The MENA Climate Week provides an opportunity to discuss climate solutions ahead of COP28 and addresses climate action and support in the context of the Paris Agreement.
The Global Stocktake of the Paris Agreement (GST) regional dialogue at the MENA Climate Week will bring together policymakers, stakeholders, and partners to discuss key messages from the region to shape the GST outcome. The GST allows countries to periodically assess collective progress towards achieving the goals of the Paris Agreement, considering mitigation, adaptation, and support. It informs Parties in updating and enhancing their climate action and support and enhancing international cooperation for climate action.
