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Saudi ACWA Power, Germany’s SEFE Cooperate on Green Hydrogen Production and Export

Saudi ACWA Power, Germany’s SEFE Cooperate on Green Hydrogen Production and Export
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Saudi ACWA Power, Germany’s SEFE Cooperate on Green Hydrogen Production and Export

Saudi ACWA Power, Germany’s SEFE Cooperate on Green Hydrogen Production and Export

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh on Monday with German Minister of Finance Jörg Kukies to discuss key topics of mutual interest in the energy sector, including efforts related to clean hydrogen, building on the memorandum of understanding (MoU) signed by both sides in 2021.

Following the meeting, the two ministers witnessed the signing of the "Saudi-German Green Hydrogen Bridge" MoU between ACWA Power and SEFE, aimed at producing and exporting green hydrogen and ammonia from Saudi Arabia to Europe.
Under the MoU, ACWA Power and SEFE will jointly develop projects with an initial target of exporting 200,000 tons of green hydrogen annually from Saudi Arabia to Europe by 2030. ACWA Power will serve as the developer, investor, and primary operator of production assets, while SEFE, a major European energy company, will act as a co-investor and primary off-taker, responsible for marketing the hydrogen across Germany and Europe.
This step supports Saudi Arabia's efforts to solidify its position as a leading producer and exporter of green hydrogen and aligns with the goals of the MoU signed under the Saudi-German Energy Dialogue to strengthen cooperation in renewable energy and clean hydrogen technologies.

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China Unveils ‘Special Action Plan’ to Boost Domestic Consumption

Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
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China Unveils ‘Special Action Plan’ to Boost Domestic Consumption

Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)

China's State Council unveiled on Sunday what it called a “special action plan” to boost domestic consumption, featuring measures including increasing residents' income and establishing a childcare subsidy scheme.

The plan comes as levels of consumer demand in China have suffered various setbacks in recent years, due to factors such as COVID-19 disruptions and a prolonged property slump, chilling the propensity of households to spend and adding to deflationary trends.

The plan was issued to all regions and departments to “vigorously boost consumption, expand domestic demand in all directions, improve consumption capacity by increasing income and reducing burdens,” a report from the Council said.

The plan comes a week after Chinese Premier Li Qiang's work report to the National People's Congress which focused on boosting household spending to cushion the impact of weak external demand.

Pressure has been building on Chinese officials for consumer-focused stimulus measures to fend off deflationary pressures and reduce the world's second-largest economy's reliance on exports and investment for growth.

The plan released on Sunday called for increasing urban and rural incomes and said farmers' incomes should be boosted by measures such as housing reforms.

The action plan was wide-ranging but was limited in promising concrete resources to support local governments as they formulate actual measures to implement the plan.

The plan also envisaged measures to stabilize the stock market but gave no details on when and how this could happen.

Authorities should “study and establish a childcare subsidy system,” as well as implement flexible employment and the opening of pediatric outpatient clinics at night in general hospitals. Community and employer-run childcare services are also to be encouraged.

Workers' rights and vacation days must be guaranteed and paid annual leave and short holidays should be encouraged. Financial subsidy standards for urban and rural residents' basic pensions are also to be increased.

There were also proposals to boost tourism such as expanding the number of countries whose travelers don't need visas.

Caption: Customers shop at the Wankelai store in Beijing, China February 27, 2025. Reuters/Tingshu Wang/File Photo