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UAE and Rajasthan Collaborate for 60 GW RE Project
UAE has signed a memorandum of understanding with the Rajasthan government in India for INR 3 lakh crore investment in renewable energy, aiming to develop a 60 GW project focused on solar, wind, and hybrid energy solutions.
October 23, 2024. By EI News Network
United Arab Emirates (UAE) has signed a memorandum of understanding (MoU) for an investment of INR 3 lakh crore in renewable energy with the Rajasthan government in India.
The agreement was formalised at the Chief Minister's residence, recently, in the presence of Chief Minister Bhajan Lal Sharma and UAE Investment Minister Mohammad Hassan Al Suwaidi.
This partnership aims to explore the development of a 60 GW renewable energy project in Rajasthan, focusing on solar, wind, and hybrid energy opportunities in the western district of the State. The landmark agreement seeks to integrate best-in-class renewable energy technologies to establish a long-term energy plant that addresses critical energy needs.
The UAE plans to appoint a suitable developer to implement this ambitious project in close collaboration with relevant Indian authorities. This initiative builds upon the broader Investment Cooperation established between the UAE Ministry of Investment and India's Ministry of New and Renewable Energy, where the initial development of such projects was outlined.
Mohamed Hassan Alsuwaidi, the UAE Minister of Investment, emphasised the importance of sustainable energy solutions, stating, "The UAE remains at the forefront of an ambitious diversification agenda, with energy transition as a key pillar. This project highlights our unwavering commitment to advancing clean energy solutions. Rajasthan, with its favorable climate and vast landmass, offers the ideal environment for this initiative, serving as a testing ground for innovative technologies that will shape the future of energy."
Ajitabh Sharma, Principal Secretary of Industries in the Government of Rajasthan, echoed this sentiment, noting, "India is steadfast in its commitment to a sustainable energy future, and partnerships like this one with the UAE play a crucial role in achieving our goals. By leveraging Rajasthan's natural advantages, this project will not only accelerate our energy transition but also serve as a model for innovation in renewable energy. Together, we are forging a path toward a greener, more sustainable world."
Both nations have set ambitious clean energy goals in recent years. As part of the UAE's Energy Strategy 2050, the country plans to invest over USD 163 billion by 2050, with the aim of having 50 percent of its energy mix come from clean sources by that year. The UAE has also set a target for net-zero emissions by 2050, aligning with global climate objectives and enhancing its economic sustainability.
Rajasthan's initiative is in line with India's commitment to a clean energy transition, which includes reducing carbon intensity by 45 percent by 2030 and achieving net-zero emissions by 2070. Currently, 40 percent of India's power capacity comes from non-fossil fuels, surpassing targets set nine years ahead of schedule. Additionally, through the USD 2.4 billion National Green Hydrogen Mission, India aims to position itself as a global leader in green hydrogen production, usage, and export by 2030.
The agreement was formalised at the Chief Minister's residence, recently, in the presence of Chief Minister Bhajan Lal Sharma and UAE Investment Minister Mohammad Hassan Al Suwaidi.
This partnership aims to explore the development of a 60 GW renewable energy project in Rajasthan, focusing on solar, wind, and hybrid energy opportunities in the western district of the State. The landmark agreement seeks to integrate best-in-class renewable energy technologies to establish a long-term energy plant that addresses critical energy needs.
The UAE plans to appoint a suitable developer to implement this ambitious project in close collaboration with relevant Indian authorities. This initiative builds upon the broader Investment Cooperation established between the UAE Ministry of Investment and India's Ministry of New and Renewable Energy, where the initial development of such projects was outlined.
Mohamed Hassan Alsuwaidi, the UAE Minister of Investment, emphasised the importance of sustainable energy solutions, stating, "The UAE remains at the forefront of an ambitious diversification agenda, with energy transition as a key pillar. This project highlights our unwavering commitment to advancing clean energy solutions. Rajasthan, with its favorable climate and vast landmass, offers the ideal environment for this initiative, serving as a testing ground for innovative technologies that will shape the future of energy."
Ajitabh Sharma, Principal Secretary of Industries in the Government of Rajasthan, echoed this sentiment, noting, "India is steadfast in its commitment to a sustainable energy future, and partnerships like this one with the UAE play a crucial role in achieving our goals. By leveraging Rajasthan's natural advantages, this project will not only accelerate our energy transition but also serve as a model for innovation in renewable energy. Together, we are forging a path toward a greener, more sustainable world."
Both nations have set ambitious clean energy goals in recent years. As part of the UAE's Energy Strategy 2050, the country plans to invest over USD 163 billion by 2050, with the aim of having 50 percent of its energy mix come from clean sources by that year. The UAE has also set a target for net-zero emissions by 2050, aligning with global climate objectives and enhancing its economic sustainability.
Rajasthan's initiative is in line with India's commitment to a clean energy transition, which includes reducing carbon intensity by 45 percent by 2030 and achieving net-zero emissions by 2070. Currently, 40 percent of India's power capacity comes from non-fossil fuels, surpassing targets set nine years ahead of schedule. Additionally, through the USD 2.4 billion National Green Hydrogen Mission, India aims to position itself as a global leader in green hydrogen production, usage, and export by 2030.
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