New Delhi, India — India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India and the UAE have both taken a lead in the development of renewables at low costs.
“The two countries are moving towards a strong relationship in the field of renewable energy,” Singh told India’s parliament.
The minister said discussions were ongoing with the UAE about cooperation in the field of green hydrogen development.
“There is potential for investments in this sector both in the UAE and in India,” Singh said.
The minister added that bilateral cooperation in renewable energy, similar to the UAE, is being promoted with Australia, Finland and Germany. All these countries have successful initiatives in renewable power.
The UAE’s expanded cooperation with India in the area of climate and clean energy aims to support New Delhi’s ambition to achieve 450 gigawatts of renewable energy installed capacity by 2030 and net-zero carbon emissions by 2070, President and CEO of Dubai Chambers of Commerce, Mohammad Ali Rashed Lootah told Indian news agency PTI on the sidelines of the India-UAE Partnership Summit in Dubai in January.
Lootah said the ambition aligns with the UAE’s goals to expand its clean energy capabilities to meet the targets of the UAE Energy Strategy by 2050 and the ambitions set in the UAE Net Zero by 2050 Strategic Initiative.
Highlighting the benefits of the signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) last year, Lootah said the agreement would boost the UAE-India bilateral trade to USD 100 billion within five years.
