Saudi Arabia and European Commission held meetings discussing a Saudi-EU energy cooperation memorandum of understanding (MoU), Offshore Energy reported.

Saudi Minister of Energy, Abdulaziz bin Salman, and the European Commissioner for Energy, Kadri Simson, talked about cooperation in energy and clean technologies as a means to strengthen bilateral ties, support the objectives of the Paris Agreement, and implement the outcomes of the UAE Consensus from COP28.

Saudi Arabia and the EU have renewed their commitment to working together, according to the European Commission. This collaboration focuses on attracting more private investment in renewable energy sources and improving how these renewables are integrated into the existing electricity grid. They plan to achieve this by further strengthening the grid infrastructure.

The European Commission explained that achieving these goals will involve several strategies. These include using smart grids to better manage energy demand, improving grid resilience and security, and promoting investment in hydrogen and other clean technologies.

“Such an MoU, covering many energy sectors and with the energy transition at its core, should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilize stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future, underpinned by predictable and stable energy markets ensuring access to secure, affordable, reliable and sustainable energy for all,” the European Commission stated.