The MoU was signed on Sunday in Riyadh, Saudi Arabia by union minister for power and new & renewable energy RK Singh and the minister of energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week 2023.

“This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times 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 green/clean hydrogen and the renewable energy sector,” said a statement from the ministry of power.

The MoU comes nearly a month after both countries signed an agreement for cooperation in energy which envisaged cooperation in renewable energy, energy efficiency, grid interconnection, strategic petroleum reserves, energy security among others.

Mint first reported on 25 April that India plans to interconnect the national power grids of the two countries through a subsea cable.

India has been exploring linking its power grid with those of Saudi Arabia and the UAE through subsea cables from its west coast and with the power grid of Singapore from the east coast. By sharing power resources across regions, countries can reduce the need for costly renewable energy storage solutions and improve the reliability of their power grids.

India’s pursuit of grid interconnectivity could also prove critical to its long-term economic and energy security goals. India is pursuing the One Sun One World One Grid (OSOWOG) plan, which aims to connect countries through a global power grid.

The statement said that it was decided between the two energy ministers that B2B Business Summits and regular B2B interactions between the two countries would be conducted to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation.

Earlier, an Indian delegation led by the power minister participated in the high-level segment of the Middle East and North Africa (MENA) Climate Week 2023, which is being held in Riyadh, Saudi Arabia, from October 8 to 12, 2023.

Singh told the global community that India today is one of the world’s most vital voices in the energy landscape and has emerged as a leader in energy transition.

“India having almost 17% of the world population and being the world’s fifth largest economy, is taking significant steps to reduce emission intensity of its GDP by 45% by the year 2030 and to achieve the goal of Net Zero by the year 2070,” he said.

He also called upon MENA countries to join the recently launched Global Biofuels Alliance in order to advance international cooperation in sustainable biofuels to realize the full potential of the alliance. He said that the alliance aims to facilitate cooperation in intensifying the development and deployment of sustainable biofuels, to facilitate trade in biofuels and much more, in collaboration with international biofuels organizations.

The alliance was launched on 9 September during the G20 Summit in New Delhi. A total of 19 countries and 12 international organizations have so far agreed to join the alliance, including both G20 members and non-member countries. India, Brazil and the US are the founding members of the alliance.

Apart from India, Brazil and the US, the other G20 member countries supporting the initiative are Argentina, Canada, Italy, and South Africa. Bangladesh, Singapore, Mauritius, and the UAE are the G20 invitee countries. Saudi Arabia, a key West Asian oil producer, however, has not joined the alliance.

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Updated: 08 Oct 2023, 07:20 PM IST