Riyadh witnessed a significant step toward global energy cooperation as Saudi Arabia and the European Union EU) Commission engaged in discussions on renewable energy, clean technology, and carbon capture.
The dialogue, held during the World Economic Forum, brought together EU Energy Commissioner Kadri Simson and Saudi Energy Minister Abdulaziz bin Salman Al Saud to explore a potential Memorandum of Understanding (MoU) on energy cooperation.
As per the joint statement, the partnership will focus on driving investment in clean energy and technology while fostering collaboration among public, private, and financial stakeholders. The proposed agreement aims to establish a sustainable energy framework that ensures secure, affordable, and reliable access to energy for all.
The EU reiterated its commitment to the global energy transition, backing COP28’s resolution to gradually reduce fossil fuel use and supporting the target of achieving 11,000 GW of global renewable energy capacity by 2030. Meanwhile, Saudi Arabia has tripled its installed renewable energy capacity to 2,800 MW in 2023 compared to 2022, despite opting out of the renewables pledge at COP28.
This strategic dialogue signals the potential for Saudi Arabia and the EU to join forces in advancing green energy initiatives, paving the way for a more sustainable future.