The United Arab Emirates has announced that it has signed an investment memorandum with the state of Rajasthan to explore the development of a 60 GW project in the Indian state.
Publish dateWednesday 23 October 2024 - 13:04
According to Amac News: The announcement states that this memorandum will deal with solar, wind and hybrid energy opportunities in the western region of Rajasthan.
The partnership builds on a broader investment partnership established between the UAE Ministry of Investment and the Republic of India's Ministry of New and Renewable Energy.
The MoU aims to bring in best-in-class renewable energy technologies to build a long-term power plant that will meet the state's critical energy needs.
The UAE will appoint a suitable developer to implement this important initiative in close collaboration with the relevant Indian authorities.
As part of the UAE's 2050 Energy Strategy, the country plans to invest more than $163 billion by 2050 to achieve 50% of its energy mix from clean sources by 2050.
The UAE aims to achieve net zero emissions by 2050, align with global climate goals and increase its economic sustainability.
Rajasthan's plan, which is in line with India, is also making significant strides in its clean energy transition, aiming to reduce carbon intensity by 45 percent by 2030 and achieve net zero emissions by 2070.
Currently, 40% of India's electricity capacity comes from civilian sources. Additionally, with the $2.4 billion National Green Hydrogen Mission, India seeks to position itself as a global leader in the production, use and export of green hydrogen by 2030.
The partnership builds on a broader investment partnership established between the UAE Ministry of Investment and the Republic of India's Ministry of New and Renewable Energy.
The MoU aims to bring in best-in-class renewable energy technologies to build a long-term power plant that will meet the state's critical energy needs.
The UAE will appoint a suitable developer to implement this important initiative in close collaboration with the relevant Indian authorities.
As part of the UAE's 2050 Energy Strategy, the country plans to invest more than $163 billion by 2050 to achieve 50% of its energy mix from clean sources by 2050.
The UAE aims to achieve net zero emissions by 2050, align with global climate goals and increase its economic sustainability.
Rajasthan's plan, which is in line with India, is also making significant strides in its clean energy transition, aiming to reduce carbon intensity by 45 percent by 2030 and achieve net zero emissions by 2070.
Currently, 40% of India's electricity capacity comes from civilian sources. Additionally, with the $2.4 billion National Green Hydrogen Mission, India seeks to position itself as a global leader in the production, use and export of green hydrogen by 2030.
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Source : news agency wam
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