European Commission and Saudi Arabia have held talks in view of a Saudi-EU memorandum of understanding (MoU) on energy cooperation.
Kadri Simson, the European Commissioner for Energy, and Abdulaziz bin Salman Al Saud, the Minister of Energy of Saudi Arabia, discussed energy and clean tech cooperation to strengthen bilateral ties and advance the goals of the Paris Agreement and of the outcomes of the UAE Consensus reached at COP28 in Dubai, UAE, in 2023.
According to the European Commission, the two parties reaffirmed how Saudi Arabia and the EU share a strong determination to accelerate private investment into renewable energy and to cooperate on electricity interconnection and the integration of renewables into the electricity grid, through the further strengthening of the electricity infrastructure. For example, this would be achieved via demand side management (DSM) smart grid and grid resilience and security measures, as well as hydrogen and clean tech sectors, the European Commission said.
“Such an MoU, covering many energy sectors and with the energy transition at its core, should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilise stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future, underpinned by predictable and stable energy markets ensuring access to secure, affordable, reliable and sustainable energy for all,” the European Commission stated.
To note, the bilateral meetings were held in the margins of the World Economic Forum in Riyadh, Saudi Arabia, and the two parties aim to conclude the MoU in the next few months.