UK and Saudi Arabia sign clean energy pact
The UK has agreed to create closer ties with Saudi Arabia on developing low-carbon technologies that can help foster economic growth in both countries.
A Memorandum of Understanding (MoU) on clean energy was signed towards the end of Crown Prince Mohammed bin Salman’s controversial state visit last week.
The UK and Saudi Arabia have pledged to share technical knowledge and expertise on clean energy such as smart grids, electric vehicles and carbon capture and storage (CCS).
Business Secretary Greg Clark said the MoU would help both countries take advantage of the green economy.
“The global shift to clean growth is one of the most foreseeable and significant global economic trends and will transform many sectors of the economy, including power, transport, construction, energy-intensive industries and agriculture,” he said.
“This MoU will help both the UK and Saudi Arabia make the most of this shift.”
Saudi Arabia’s mid-term economic blueprint, known as Vision 2030, outlines plans to grow the country’s renewables sector and improve its energy efficiency.
The Gulf state’s minister for energy Khalid A Al-Falih said: “Through our Vision 2030, Saudi Arabia has a blueprint to guide its future development through diversifying our energy mix, expanding on key industries and mining opportunities, as well as investing on science and innovation to meet current challenges.”
The deal comes as experts call on the UK to “reap enormous opportunities” by strengthening private financial investment into green infrastructure and projects. Yesterday’s Aldersgate Group report claimed that up to £693bn in investment into low-carbon infrastructure is required by 2031 in the UK, if the UK Government is to deliver on its Clean Growth Strategy and 25-Year Environment Plan.
© Faversham House Ltd 2022 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.