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UAE, Rajasthan sign pact for major renewable energy project

Tuesday, 22 October 2024 21:57

By ARN News Staff

WAM

The UAE has signed an investment memorandum with the Indian state of Rajasthan to explore the development of a major 60 GW renewable energy project.

This initiative will focus on solar, wind, and hybrid energy opportunities in the western Indian state.

The partnership aims to bring cutting-edge renewable energy technologies to address critical energy needs in the state.

The UAE will appoint a developer to collaborate closely with Indian authorities on this landmark initiative.

The agreement builds on the broader Investment Cooperation established between the UAE Ministry of Investment and India’s Ministry of New and Renewable Energy.

Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and Ajitabh Sharma, Principal Secretary of Industries in Rajasthan, officially signed the memorandum.

Both nations have ambitious clean energy goals. The UAE plans to invest over $163 billion by 2050, aiming for 50% of its energy mix to come from clean sources, alongside achieving net-zero emissions.

Meanwhile, Rajasthan aligns with India's goal to reduce carbon intensity by 45% by 2030 and achieve net-zero emissions by 2070, with 40% of India’s power capacity already sourced from non-fossil fuels.

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