India and UAE strengthen ties in renewable energy sector: Report – EQ
In Short : India and the UAE are deepening their collaboration in the renewable energy sector, as per reports, signifying a growing partnership in advancing sustainable energy solutions and fostering mutual development goals.
In Detail : UIBC report identifies initiatives like scaling up solar, wind power capabilities and innovative grid solutions
As India and the United Arab Emirates (UAE) strengthen their trade relations, a new report has highlighted that the two countries can collaborate closely in the renewable energy sector.
“Both countries have implemented robust policy frameworks to stimulate the renewable energy sector. In India, initiatives such as the National Solar Mission and the Green Energy Corridor project underline the government’s commitment to promoting renewable energy adoption. Similarly, the UAE’s Energy Strategy 2050 aims to increase the contribution of clean energy to its total energy mix,” said the report “Modern Energy: India-UAE Collaboration for a Sustainable Future” by UAE-India Business Council (UIBC) and Nangia Andersen.
The report also highlighted the potential for future collaboration through initiatives such as scaling up solar and wind power capabilities, developing and implementing advanced energy storage technologies, and innovative grid solutions as well as building smart grids and energy efficiency.
It has also recommended bilateral collaboration in areas such as hybrid renewable energy systems, exploring new frontiers of ocean and geothermal energy, and skilling the necessary manpower.
“By focusing on scaling up capacities, embracing innovative technologies, and exploring new frontiers, India and the UAE have the opportunity to redefine the global energy landscape and inspire other nations to join the journey towards a cleaner and more sustainable future,” said the report.
Given the significant role of renewable energy in energy transition, it is envisaged that the cumulative capacity of renewable is estimated to grow at a CAGR from 9.24% in the last seven years to a CAGR of 15.06% in the next six years between 2022 and 2028, the report noted.
Over the past few years, India and GCC nations have strengthened their cooperation in the field of renewable energy. The UAE had, in October 2021, committed to allocate $75 billion in sovereign funds to India in support of their shared objective of promoting clean energy. India and the UAE are also collaborating to initiate the production of solar power equipment.
The two countries also signed an MoU in January 2023 to work together on the development of green hydrogen and the installation of an undersea cable connecting India and the UAE as part of the ‘One Sun, One World, One Grid’ initiative.
