(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 29. The EuropeanCommission and Saudi Arabia are working towards concluding aMemorandum of Understanding (MoU) on energy cooperation in thecoming months, Trend reports.
According to the European Commission, the issue was discussedduring the meeting of Commissioner for Energy Kadri Simson and HRHthe Minister of Energy of Saudi Arabia Abdulaziz bin Salman Al Saudduring the World Economic Forum in Riyadh.
This MoU would aim to accelerate actions in energy transitions,provide a framework for investment decisions, and engagestakeholders from various sectors.
They also focused on enhancing energy and clean techcollaboration to bolster bilateral relations and support theobjectives of the Paris Agreement and the UAE Consensus fromCOP28.
Both parties reiterated their commitment to attracting privateinvestment in renewable energy, enhancing electricityinterconnection, and integrating renewables into the grid. Theyemphasized the importance of strengthening electricityinfrastructure, including demand-side management and smart gridtechnologies. Additionally, they highlighted the potential forpartnerships in hydrogen and clean tech sectors, including carboncapture and storage.
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