Saudi Arabia And EU To Work Together On Energy Transition And Carbon Capture

Saudi Arabia And EU Discuss Cooperation To Accelerate Energy Transition - Carbon Herald
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Saudi Arabia, a major player in the oil industry, and the EU Commission have come together in Riyadh to explore the possibility of working together on renewable energy, clean technology, and carbon capture. The potential benefits of this agreement are vast and have the capacity to create a significant impact on the global energy landscape.

The discussions between European Union Energy Commissioner Kadri Simson and Saudi Energy Minister Abdulaziz bin Salman Al Saud during the World Economic Forum highlighted the potential for collaboration in the green energy sector.

According to a joint statement, Saudi Arabia and the EU Commission have engaged in discussions regarding a Memorandum of Understanding (MoU) focused on energy cooperation.

This agreement should serve as a strong foundation for guiding and securing investment choices in the energy and clean technology industries, and it should engage and rally support from stakeholders in the public, private, and financial sectors.

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Additionally, it should establish the groundwork for a more sustainable and reliable energy future, supported by consistent and stable energy markets that guarantee access to secure, affordable, reliable, and sustainable energy for everyone.

Saudi Arabia did not show enthusiasm for the agreement made at the 28th COP to phase out fossil fuels from the global energy market.

While they did not sign the pledge for the renewables target, towards the end of 2023, their government announced that the kingdom had increased its installed renewable capacity by 300 percent to 2,800 megawatts, as compared to 2022.

Read more: Opinion: COP28 Indicates Failure To Push For Fossil Fuels Phase Out

In contrast, the EU has voiced its backing for the gradual reduction of fossil fuels decided at COP28 and has also joined numerous countries in committing to increase the worldwide capacity of renewable energy to a minimum of 11,000 gigawatts by 2030.

By discussing a potential future collaboration, Saudi Arabia and the EU are signaling their interest in paving the way for a greener and cleaner future for generations to come, ensuring that the energy transition is successful and beneficial for all. 

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