India and Saudi Arabia decided to encourage investments in the field of Renewable Energy
India and Saudi Arabia have decided to encourage investments in the fields of innovative and renewable energy in each other's nations. Yesterday, on the second day of his visit, Saudi Arabia's Minister of Investment, H.E. Khalid Al-Falih, and Union Power & NRE Minister R.K. Singh had one-on-one conversations. Later, in a speech to a group of Saudi business leaders and investors, Singh asked them to invest in India's new and renewable energy industries, such as green hydrogen, wind power, and solar energy. At the meeting, representatives from all of the major corporate organisations in Saudi Arabia took part, including those from ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, and NextGen Infra.
Saudi Arabian business houses may consider investing in India's electricity sector, according to a brief presentation by INVEST India. The Meet highlighted investment prospects in India in sectors such renewable energy generation projects, energy storage, electricity transmission, and green hydrogen.
The delegation, including R. K. Singh, also went to the Sudair Solar Power Plant in Riyadh. The work is being done by an Indian business, and the plant is the biggest solar power plant in the Kingdom. A banquet was also hosted by the Saudi-India Business Council in the honour of the Hon. Minister.
The Middle East and North Africa (MENA) Climate Week 2023, which is taking place in Riyadh, was attended by the Indian team on the first day of the visit, October 8, under the leadership of the Union Power & NRE Minister. R.K. Singh took part in the High Level Ministerial Panel discussion on "Advancing the Energy Transition in the MENA region: Advancing Inclusivity and Circularity for just and Equitable Energy Transitions" as part of MENA Climate Week. In the following speech, he also discussed the "GST Regional Dialogue: Riyadh Boulevard highlighting enablers and technologies for ambition and City inclusive transitions." The Union Minister discussed a wide range of urgent problems during his speeches, including climate change, the need for affordable and dependable energy to achieve our Sustainable Development Goals, and a number of concerns over the upcoming COP28 in the United Arab Emirates.
On October 8, 2023, in Riyad, Saudi Arabia, on the fringes of the MENA Climate Week, the Union Minister for Power and New & Renewable Energy, Government of India, R.K. Singh, and the Minister of Energy, Government of Saudi Arabia, Abdulaziz bin Salman Al-Saud, signed an MoU between India and Saudi Arabia in the fields of Electrical Interconnections, Green / Clean Hydrogen, and Supply Chains. This Memorandum of Understanding aims to establish a broad framework for cooperation between the two nations in the areas of electrical interconnection, exchange of electricity during peak hours and emergencies, project co-development, co-production of green/clean hydrogen and renewable energy, and also establishing secure, dependable, and resilient supply chains of materials used in the green/clean hydrogen and the renewable energy sectors.
The Saudi Minister of Energy HRH Prince Abdulaziz bin Salman and the Union Minister for Power and New & Renewable Energy then had extensive conversations on a number of topics of shared interest. The two energy ministers agreed that regular B2B contacts and B2B business summits would be held to create entire supply and value chains in the aforementioned areas of energy sector cooperation. During MENA Climate Week in Riyadh, the Honourable Minister also had a meeting with Simon Stielln, the Executive Secretary of the UNFCCC. They talked on topics of shared interest, particularly in light of the approaching COP28 in the UAE.
Due to ongoing engagements at all levels, the Indo-Saudi partnership has grown significantly in recent years. The visit strengthened the strategic alliance between the two nations and provided a platform for cooperation and investment in the fields of new and renewable energy.