India and Saudi Arabia signed a Memorandum of Understanding (MoU) on Sunday to establish a general framework for cooperation in the field of electrical interconnection, exchange of electricity during peak times and emergencies, co-development of projects, co-production of green and clean hydrogen and renewable energy, and establishing secure, reliable, and resilient supply chains of materials used in green and clean hydrogen and the renewable energy sector.
The MoU was signed by Union Power Minister R.K. Singh and Saudi Arabian energy minister Abdulaziz bin Salman Al-Saud on the sidelines of the MENA climate week in Riyadh, Saudi Arabia.
The MoU also calls for regular business-to-business (B2B) interactions between the two countries to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation.
The signing of the MoU is a significant step forward in India and Saudi Arabia’s efforts to boost energy cooperation and accelerate their transition to a clean energy future. Green hydrogen is a particularly promising area of cooperation, as it has the potential to decarbonize a wide range of industries and sectors.
Green hydrogen is produced by splitting water into hydrogen and oxygen using renewable energy sources, such as solar and wind power. It is a clean energy carrier that can be used to decarbonize a wide range of industries and sectors, including power generation, transportation, and manufacturing.
The MoU is expected to have a significant impact on the development and deployment of green hydrogen technologies in India and Saudi Arabia. It will also boost energy cooperation between the two countries and accelerate their transition to a clean energy future.
The development of the green hydrogen industry has the potential to create jobs and boost economic growth in both countries. It will also help to reduce greenhouse gas emissions and mitigate climate change.
The signing of the MoU between India and Saudi Arabia is a significant step forward in the development of the green hydrogen industry in both countries. It is expected to boost energy cooperation between the two countries and accelerate their transition to a clean energy future.