UAE,India agree to expand energy production to 450 gigawatts by 2030
The UAE and India have joined efforts to strengthen action against climate change and develop renewable energy initiatives to boost industrial growth. According to a report by UAE’s state news agency WAM, senior officials from both countries held meetings to reinforce bilateral cooperation as part of a visit to India by Dr Sultan Al Jaber, Emirati Minister of Industry and Advanced Technology and special envoy for climate change.
During the meeting, the minister affirmed UAE’s support to helping India in achieving its goal to reach 450 gigawatts of installed renewable energy capacity by the year 2030.
The Emirati minister held key meetings with senior ministers from India including External Affairs Minister S. Jaishankar, Minister of Environment, Forest and Climate Change Bhupender Yadav, and Minister of Commerce and Industry Piyush Goyal among others.
Ways to strengthen cooperation
During the meeting, the two countries expressed their willingness to collaborate efforts to accelerate relevant initiatives such as carbon market development, public-private partnerships in renewable energy, agriculture efficiency, green hydrogen, and sustainable financing. Dr Al Jaber welcomed the opportunity to create a strong foundation to boost low carbon growth.
“The UAE’s deepened collaboration with India on the multiple growth opportunities offered by the energy transition builds upon decades of close UAE-India commercial and diplomatic ties,” Dr. Sultan added.
According to media reports, Dr. Al Jaber and Bhupender Yadav also discussed potential ways to expand bilateral cooperation to accelerate climate action and enhance the implementation of the Paris Agreement.
The minister also conducted meeting with private sector leaders in India, including Reliance Industries chairman Mukesh Ambani and Bharat Petroleum Corporation Limited chairman and MD Arun Singh to explore new opportunities in the areas of decarbonisation and climate solutions.
Progressing trade ties
The UAE is the third-largest trading partner and second-largest export destination for India. Furthermore, India is the second-largest trading partner and largest export ally for the UAE, accounting for about 9 percent of the total volume of Emirate’s global trade in 2021.
This development has come days after the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE came into force. The deal is aimed at expanding non-oil trade between the two countries to $100bn over the next five years.
Earlier this month, the UAE and India launched a Start-up Bridge with the objective to establish a platform for entrepreneurs and investors from both countries to strengthen the business and economic ties.