UAE’s Minister of Industry and Advanced Technology and Special Envoy for Climate Change, Sultan bin Ahmed Al Jaber, discussed opportunities within the energy transition and industrial growth with India.
The UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement.
This includes public-private partnership across renewable power deployment, agriculture efficiency, green hydrogen, sustainable finance, and carbon market development.
The UAE’s cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy installed capacity by 2030.
It also aligns with the UAE’s ambitions to expand its low and zero-carbon energy capabilities.
The private-sector meetings covered new potential opportunities, particularly those in the area of decarbonization and climate solutions to further expand UAE-India industrial cooperation,
This covers leveraging new opportunities made possible by the recently announced UAE-India Comprehensive Economic Partnership Agreement (CEPA) that went into effect on 1st May, 2022.
India was the second-largest trading partner of the UAE in 2021 as it accounted for 9 percent of the total volume of the UAE’s trade with the world, and 13 percent of the UAE’s non-oil exports.
Also, the non-oil foreign trade between the two countries in 2021 reached AED165 billion, a growth of 66 percent compared to 2020.
India seeks to grow the value of such bilateral trade to $100 billion (AED367 billion) in the next five years.