UAE, India discuss economic opportunities of energy transition

Government and business leaders in India and the UAE have held a series of high-level meetings focused on opportunities within the energy transition and industrial growth. The meetings were held on the sidelines of UAE Climate Envoy and Minister of Industry and Advanced Technology Dr Sultan Al Jaber's visit to New Delhi on Thursday, UAE's official news agency Wam said.

Union Environment Minister Bhupender Yadav on Thursday met Al Jaber and the two discussed issues relating to climate change, hosting of COP 28 and other related matters. Prior to the bilateral meeting, a Memorandum of Understanding (MoU) on climate action was also signed by the two ministers to establish a framework to facilitate and enhance bilateral cooperation on climate action, and also contribute towards implementing the Paris Agreement.

Following Dr Al Jaber's meeting with Yadav, the UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement, including public-private partnership across renewable power deployment, agriculture efficiency, green hydrogen, sustainable finance, and carbon market development, the official Wam news agency reported.

The UAE-India cooperation in climate aims to support India's ambition to achieve 450 gigawatts (GW) of renewable energy installed capacity by 2030 and aligns with the UAE's ambitions to expand its low and zero-carbon energy capabilities.

The UAE delegation also met with Indian business leaders discussing new opportunities, particularly those in decarbonisation and climate solutions.

The UAE minister also met Foreign Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal.

Both sides also acknowledged that with the signing of the MoU on climate change, they may explore ways on how to strengthen bilateral cooperation on climate action mutually, especially in the areas and activities identified in the agreement.