Saudi Arabia and the EU sign up to energy cooperation at the World Economic Forum

During the World Economic Forum held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions with European Commissioner for Energy, Kadri Simson. The focus of their meetings revolved around enhancing energy and clean technology cooperation to fortify bilateral relations and advance the objectives set forth by the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai the previous year.

Both HRH and the Commissioner underscored the shared determination between Saudi Arabia and the EU to expedite private investments in renewable energy. They also emphasized the importance of collaboration on electricity interconnection, integrating renewables into the grid, and fortifying electricity infrastructure, including initiatives such as demand side management (DSM), smart grid implementation, and grid resilience and security measures. Additionally, discussions encompassed opportunities in hydrogen and clean tech sectors, including carbon capture, utilization, and storage, with a focus on fostering industrial partnerships.

In alignment with the UNFCCC and the Paris Agreement, as well as the outcomes of recent COPs, Saudi Arabia and the European Commission initiated talks aimed at establishing a Memorandum of Understanding (MoU) on energy cooperation. This MoU, expected to cover various energy sectors with energy transition at its core, aims to provide a robust framework for guiding and anchoring investment decisions in the energy and clean tech sectors. It also aims to engage stakeholders from the public, private, and financial sectors, laying the groundwork for a sustainable and secure energy future.

The envisioned MoU seeks to create predictable and stable energy markets, ensuring access to secure, affordable, reliable, and sustainable energy for all. Saudi Arabia and the European Commission anticipate concluding the MoU in the coming months, marking a significant milestone in their collaborative efforts towards a greener and more resilient energy landscape.