Saudi Arabia and EU to Sign MoU on Renewable Energy, Hydrogen, and Clean Tech Cooperation at WEF Riyadh
Saudi Energy Minister Prince Abdulaziz Bin Salman and European Commissioner for Energy Kadri Simson held talks in Riyadh during the World Economic Forum to enhance bilateral relations through energy and clean technology cooperation.
The discussions will lead to a Saudi-EU Memorandum of Understanding (MoU) to accelerate private investment in renewable energy, improve electricity interconnections, and integrate renewable sources into the grid.
The MoU also aims to bolster electricity infrastructure through demand-side management, smart grid solutions, and grid resilience measures.
Additionally, the collaboration will extend to the hydrogen sector and clean technologies, including carbon capture, utilization, and storage, providing opportunities for industrial partnerships.
The text is about a new initiative between two regions to collaborate on energy transitions under the UNFCCC, Paris Agreement, and COP28 outcomes.
The goal is to harness economic benefits while ensuring affordability, security, and sustainability.
The MoU formalization is expected soon, involving various stakeholders to create a more sustainable and secure energy future for both regions.