The UAE can collaborate with India on aiding the former’s endeavours to become a global hub for solar photovoltaic (PV) manufacturing with investments and technology partnerships, a report prepared jointly by UAE-India Business Council (UIBC) and Nangia Andersen said.

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“UAE investments and technology partnerships have the potential to enhance India’s ambitious aspirations of establishing itself as a prominent global hub for solar manufacturing. The formation of joint ventures for the production of high-efficiency solar panels for export and domestic markets can generate substantial economic value,” the report noted.

The report, Modern Energy: India-UAE Collaboration for a Sustainable Future, highlights partnership between both countries in the renewable energy (RE) sector and its future potential.

As countries navigate complexities of the modern energy landscape, which is characterised by a shift from fossil fuels to cleaner and sustainable alternatives, strategic collaborations and knowledge sharing is important. Here, India and the UAE can leverage synergies in the RE sector to create a sustainable future, the report underscores.

Suraj Nangia, Managing Partner, Nangia Andersen, noted that India and the UAE have emerged as strong advocates for a sustainable future and the report delves into the essence of this partnership.

Areas of collaboration

UIBC Chairman Major General (Retd.) Sharafuddin Sharaf said the report covers an overview of industry efforts, government initiatives and bilateral collaborations aimed at propelling both nation’s renewable sector into a key driver of the country’s development.

Besides solar PV manufacturing, India and the UAE can merge synergies to create specialised research facilities to capitalise on their respective expertise in the concurrent development of state-of-the-art technologies for producing green hydrogen, wind and solar energy. The UAE’s financial strength and India’s research prowess can propel clean energy innovation.

Another critical area, the report points out, is in the green hydrogen domain.

“Collaboration between India and the UAE could be instrumental in the development of a green hydrogen trade corridor. This would position India as a significant producer and exporter of this environmentally friendly fuel, while the UAE, leveraging its current energy infrastructure and strategic location, would function as a pivotal distribution hub,” it emphasised.

Recent research from McKinsey projects that by 2050, the worldwide market for green hydrogen will be worth $700 billion., which offers a tremendous opportunity for both nations.

Nangia Andersen Partner (Power Advisory) Arindam Ghosh said the report delves into critical areas such as trade policies, investment opportunities, technological advancements, and economic synergies, providing a comprehensive roadmap for leveraging the full potential of the India-UAE corridor.

The report also stresses that Public-private partnerships (PPPs) involving Indian construction firms and sovereign wealth funds from the United Arab Emirates (UAE) have the potential to secure financial resources for critical infrastructure initiatives in India specially focussed in the clean-tech domain.

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The UAE’s expertise in effectively overseeing public-private partnerships (PPPs) can provide India with significant insights in policy and regulatory framework, it added.

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