As India and the United Arab Emirates (UAE) deepen their trade relations, recent reports highlight the potential for increased cooperation in the renewable energy sector between the two nations. A report titled ‘Modern Energy: India-UAE Collaboration for a Sustainable Future,’ jointly produced by the UAE-India Business Council (UIBC) and Nangia Andersen, underscores the strong policy frameworks implemented by both countries to promote the renewable energy sector.
Initiatives such as India’s National Solar Mission and the Green Energy Corridor project demonstrate the government’s commitment to promoting the adoption of renewable energy. Similarly, the UAE’s Energy Strategy 2050 aims to increase the contribution of clean energy to its overall energy mix.
Moreover, the report identifies areas for future collaboration, including expanding solar and wind power capabilities, deploying advanced energy storage technologies, innovating grid solutions, and enhancing energy efficiency measures. Bilateral cooperation is also recommended in hybrid renewable energy systems, exploration of ocean and geothermal energy, and workforce upskilling.
The report emphasizes that by expanding capacities, embracing innovative technologies, and exploring new avenues, India and the UAE can reshape the global energy landscape and encourage other nations to move towards a cleaner and more sustainable future. Recognizing the crucial role of renewable energy in the energy transition, the report projects a growth in cumulative renewable capacity from 9.24 per cent to 15.06 per cent Compound Annual Growth Rate (CAGR) between 2022 and 2028.
As reported by eqmagpro.com, in recent years, India and Gulf Cooperation Council (GCC) nations have bolstered their collaboration in renewable energy. Notable examples include the UAE’s commitment to allocate USD 75 billion in sovereign funds to India in October 2021 and joint efforts to initiate solar power equipment production.
