Riyadh, Oct 8 (IANS): India and Saudi Arabia on Sunday signed a MoU on electrical interconnections, green and clean Hydrogen and supply chains.

The MoU was signed between Power Minister R.K. Singh, who is currently in Riyadh and Saudi Arabian energy minister Abdulaziz bin Salman Al-Saud on the sidelines of the MENA climate week.

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 and clean hydrogen and renewable energy and also establishing secure, reliable and resilient supply chains of materials used in green and clean hydrogen and the renewable energy sector.

It was also decided between the two energy ministers that B2B (business to business) business summits and regular B2B interactions between the two countries will be conducted to establish complete supply and value chains in the above-mentioned areas of energy sector cooperation.

Singh is leading a delegation to the MENA climate week, which is being held in Riyadh, Saudi Arabia between October 8-12, 2023.

It will discuss climate solutions ahead of COP28 and is being hosted by the government of the Kingdom of Saudi Arabia.

Earlier while addressing a session on "Global Stocktake of the Paris Agreement (GST) Regional Dialogue: Highlighting enablers and technologies for ambition and just and inclusive transitions" on the first day of the MENA climate week, the power minister said that the event is extremely important in exploring and sharing opportunities to shape the future of energy production, consumption and sustainability on a global scale.

"India having almost 17 per cent 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 per cent by the year 2030 and to achieve the goal of Net Zero by the year 2070," he said.

Singh further said that green hydrogen is a promising alternative for accelerating India's energy transition.

"It brings me great pleasure in informing you that the government of India has launched the National Green Hydrogen Mission for harnessing hydrogen energy and has approved an initial outlay of $2.3 billion for this Mission," he informed the gathering.

The minister called upon MENA countries to join the Global Biofuel Alliance, in order to advance international cooperation in sustainable biofuels to realise 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 organisations.