The UAE has entered into an investment memorandum with the State of Rajasthan to explore the development of a substantial 60 GW project in India.
This agreement will focus on opportunities in solar, wind, and hybrid energy in Rajasthan’s western region.
Building on existing partnerships
This partnership builds on the broader Investment Cooperation established between the UAE Ministry of Investment and India’s Ministry of New and Renewable Energy, which initially outlined the project’s development.
The memorandum was signed by Mohamed Hassan Alsuwaidi, UAE minister of Investment, and Shri Ajitabh Sharma, principal secretary of Industries for the Government of Rajasthan.
Commitment to clean energy
This agreement aims to introduce cutting-edge renewable energy technologies to create a long-term facility that addresses critical energy demands in the state. The UAE will appoint a suitable developer to execute this initiative, working closely with the relevant Indian authorities.
Mohamed Alsuwaidi remarked that it is crucial to meet future energy requirements through sustainable and renewable approaches. He emphasized the UAE’s commitment to a bold diversification strategy, with energy transition as a central focus. He noted that the project exemplifies their dedication to promoting clean energy solutions and highlighted Rajasthan’s favorable conditions for innovative energy technologies.
Importance of collaboration
Lal Sharma stated that India is resolute in its pursuit of a sustainable energy future, and collaborations like this with the UAE are vital to achieving their objectives. He mentioned that by capitalizing on Rajasthan’s natural resources, the project would not only expedite their energy transition but also serve as a benchmark for renewable energy innovation, paving the way for a greener future.
Ambitious clean energy targets
Both nations have set ambitious clean energy targets in recent years. Under the UAE’s Energy Strategy 2050, the country plans to invest over $163 billion by 2050, aiming for 50 percent of its energy mix to come from clean sources by that year. Additionally, the UAE is targeting net-zero emissions by 2050, aligning with global climate initiatives and enhancing its economic sustainability.
Rajasthan’s clean energy strategy
Rajasthan’s strategy also aligns with India’s goals, making significant progress in its clean energy transition. The state aims to reduce carbon intensity by 45 percent by 2030 and achieve net-zero emissions by 2070. Currently, 40 percent of India’s power capacity is derived from non-fossil fuels, surpassing targets set for nine years ahead. Furthermore, with the $2.4 billion National Green Hydrogen Mission, India aims to establish itself as a global leader in green hydrogen production, utilization, and export by 2030.
Recent developments in investment collaboration
Recently, the UAE-India Business Council – UAE Chapter (UIBC-UC) and the Department of Industries and Commerce (DoIC) of Rajasthan signed a Memorandum of Understanding (MoU).
Strategic investment initiatives
This strategic MoU, which aims to enhance investment and business collaboration in Rajasthan, was signed on September 17, 2024, during a government delegation’s visit to Dubai, led by Col. Rajyavardhan Rathore, Hon’ble Minister for Industry and Commerce.
Platform for global investments
Moreover, the Rising Rajasthan Summit serves as a vital platform for attracting global investments across various sectors, including Agri & Food Processing, Auto Components, Chemicals & Petrochemicals, and Education & Skill Development.
Key discussions with leaders
The MoU was formalized during a closed-door roundtable meeting attended by UIBC-UC founding members and H.E. Satish Sivan, Consul General of India to Dubai & Northern Emirates. This assembly of leaders engaged in strategic discussions with the Honourable Minister, focusing on enhancing collaboration and unlocking new investment opportunities between the UAE and Rajasthan.
Establishing a joint working group
Ro ensure effective execution, a Joint Working Group (JWG) will be established, with representatives from both parties serving as primary points of contact for streamlined communication and coordination.
Read more: UAE’s ADNOC to supply LNG to Indian Oil Corporation for 15 years
Areas of cooperation
The MoU outlines key objectives such as promoting Rajasthan’s investment potential to UAE businesses, supporting joint events and workshops, and facilitating the sharing of essential market intelligence. In addition, by fostering robust networking opportunities, the agreement seeks to connect UAE investors with Rajasthan-based enterprises and government entities, thereby stimulating increased investment interest and business partnerships.
Additionally, the MoU specifies areas of cooperation, including the regular exchange of information on investment opportunities, policies, and projects in Rajasthan. It mandates the joint organization of seminars and business forums to highlight the state’s investment landscape and provides support services for UAE investors, such as regulatory assistance and site visits.
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