Saudi Arabia and Germany signed on Thursday a memorandum of understanding for cooperation in the production of clean hydrogen and the establishment of a joint fund to innovate related technologies, in a step aimed at reducing emissions and activating the circular carbon economy.
“We have abundant energy sources for producing green and blue hydrogen... We have the ingredients to lead the world in hydrogen production,” Saudi Energy Minister Prince Abdulaziz bin Salman said in remarks on the occasion.
The Saudi and German sides signed the MoU in the presence of the German Minister of Economic Affairs and Energy, Peter Altmaier.
Prince Abdulaziz described the step as part of the strategic efforts and great commitment to confront climate change and reduce global emissions rates.
This goal has prompted the Kingdom to adopt the concept of circular carbon economy endorsed by world leaders at the G20 summit last year, which was hosted by Saudi Arabia.
He stressed during the virtual signing ceremony that hydrogen was a main source of energy and offered great and promising opportunities for investment in the coming decades.
He pointed in this regard to the efforts of the giant NEOM project to achieve leadership in the production of green hydrogen and green fuels globally and to become the most prominent destination in the world in providing sustainable solutions that stimulate investors and attract the best minds with the aim to accelerate human development.
The MoU provides for strengthening German-Saudi cooperation in the field of clean hydrogen fuel generation, processing, use, transport and joint marketing. It also seeks to enhance the exchange of information and technical expertise between the two parties, encourage joint investments and research, and support the sale of Saudi hydrogen fuel, and the products that enter into its manufacture, such as industrial kerosene used to produce electricity in Germany.
