Saudi Gazette report

RIYADH — Saudi Energy Minister Prince Abdulaziz Bin Salman and the European Commissioner for Energy Kadri Simson engaged in discussions focusing on enhancing bilateral relations through energy and clean technology cooperation in Riyadh, during the World Economic Forum.

These talks are set to culminate in a Saudi-EU Memorandum of Understanding (MoU) aimed at accelerating private investment in renewable energy, improving electricity interconnections, and integrating renewable sources into the electricity grid.

The proposed MoU intends to bolster the electricity infrastructure through demand-side management, smart grid solutions, and measures to enhance grid resilience and security.

Furthermore, the collaboration will extend to the hydrogen sector and clean technologies, including carbon capture, utilization, and storage, providing substantial opportunities for industrial partnerships.

This initiative builds on commitments made under the UNFCCC, the Paris Agreement, and the recent outcomes of COP28 in Dubai, underscoring a mutual commitment to harness the economic benefits of energy transitions while ensuring energy markets remain affordable, secure, and sustainable.

The formalization of this MoU, expected in the coming months, promises to solidify this cooperative venture, engaging various stakeholders to foster a more sustainable and secure energy future for both regions.