BAKU, Azerbaijan, April 29. The European Commission and Saudi Arabia are working towards concluding a Memorandum of Understanding (MoU) on energy cooperation in the coming months, Trend reports.
According to the European Commission, the issue was discussed during the meeting of Commissioner for Energy Kadri Simson and HRH the Minister of Energy of Saudi Arabia Abdulaziz bin Salman Al Saud during the World Economic Forum in Riyadh.
This MoU would aim to accelerate actions in energy transitions, provide a framework for investment decisions, and engage stakeholders from various sectors.
They also focused on enhancing energy and clean tech collaboration to bolster bilateral relations and support the objectives of the Paris Agreement and the UAE Consensus from COP28.
Both parties reiterated their commitment to attracting private investment in renewable energy, enhancing electricity interconnection, and integrating renewables into the grid. They emphasized the importance of strengthening electricity infrastructure, including demand-side management and smart grid technologies. Additionally, they highlighted the potential for partnerships in hydrogen and clean tech sectors, including carbon capture and storage.