India, Saudi Arabia sign pact on renewable energy
Saudi Arabia have signed a memorandum of understanding on cooperation and investment in renewable energy, energy efficiency, hydrogen, electricity, and grid interconnection.
The pact also includes cooperation on petroleum, natural gas, strategic petroleum reserves and energy security, sources aware of the development said.
Circular carbon economy and technologies like carbon capture, utilization and storage also found place in the agreement.
The move comes right after the G20 New Delhi declaration, where a consensus was formed on various issues, including an effort for tripling renewable energy capacity by 2030 and phasedown of unabated coal power. India’s National Green Hydrogen Mission aims for at least 5 million metric tonnes of annual production capacity by 2030 through renewable energy sources, whereas Saudi Arabia’s clean hydrogen is likely to be based on low carbon emission technologies.
Partnership on localising sourcing material, products and services related to the energy sector, and supply chains and its technologies, were agreed on.
The countries will strengthen the cooperation with energy companies, promote digital transformation, innovation, cyber-security, and artificial intelligence in the energy sector.
As per India’s green hydrogen mission, the country aims to be an export hub for the fuel.
