Saudi Arabia and France have signed a memorandum of understanding on energy cooperation

Saudi Energy Minister Prince Abdulaziz bin Salman and French Energy Minister Agnes Pannier-Runacher signed a Memorandum of understanding to cooperate in the energy sector, with a focus on clean energy from renewable sources.

France and Saudi Arabia have agreed on a roadmap for hydrogen cooperation and electricity generation from renewable sources, focusing on three pillars.

Technology development: The collaboration will promote the deployment of renewable energy technologies from the production, transportation and conversion of hydrogen and electricity generated in demand centers; Commercial cooperation: The private sector has a key role to play, and Saudi-French cooperation welcomes the joint efforts of Saudi and French companies to collaborate across the entire energy supply chain to unlock commercial and hydrogen trade; Policies and regulations: The roadmap will further promote the development of the hydrogen sector through the mutual recognition of a certification framework, including a life-cycle assessment of emissions from all possible sources required for international trade consistency.

The two countries will work to strengthen cooperation in developing and maintaining supply chains in the energy sector and enable cooperation between companies to maximize the use of local resources in both countries, which contributes to the flexibility and effectiveness of energy supply. The MOU also calls for the establishment of a Franco-Saudi task force to implement cooperation arrangements.

According to the statement, the two countries recognize the importance of advancing their implementation in accordance with the principles, goals and targets set out in the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, including efforts to limit temperature rise to 1.5°C. Combating climate change and promoting a safe, reliable, affordable and sustainable energy supply are common strategic priorities for Saudi Arabia and France.

The two countries agreed to strengthen cooperation in all aspects of energy production, including renewable energy generation, grid interconnection projects, and encouraging private sector participation in power sector projects. The two countries agreed to work together to improve energy efficiency, strengthen cooperation in the field of nuclear energy within the framework of peace and security, the management of radioactive waste and nuclear applications, and the development of human capabilities. The two countries agreed to work together to advance climate technologies and solutions, including carbon capture and storage in hard-to-reduce industries such as cement, aviation, Marine and petrochemicals.

Saudi Arabia aims to become the world's leading exporter of hydrogen and electricity produced from low-emission sources, leveraging its ability to produce hydrogen and electricity produced from low-emission sources at a competitive cost. The Kingdom has the necessary renewable energy, natural gas and carbon sink resources and can export hydrogen in addition to its strategic location near major global demand centers.

The French strategy to develop GY for decarbonisation aims to make a significant contribution to the decarbonisation of industry and transport. The strategy includes a public investment program, France 2030, which aims to accelerate investment and innovative solutions in France's areas of excellence to decarbonize industry and develop renewable energy, with the goal of increasing installed renewable energy capacity to 100GW by 2050, with more than 40GW coming from offshore wind farms.