Finland and Saudi Arabia have signed a memorandum of understanding (MoU) in Riyadh to foster collaboration in the energy sector, according to Finland’s Ministry of Economic Affairs and Employment.
This agreement seeks to boost technical and economic cooperation and improve the entry of Finnish companies into the Saudi market. The MoU was signed by Jarno Syrjälä from Finland on behalf of Minister Kai Mykkänen, alongside Saudi Arabia’s Assistant Minister Nasser Alqahtani, representing HRH Abdulaziz bin Salman Al Saud.
The Finnish Ministry, with support from the Ministry for Foreign Affairs and the energy industry, led the preparation of this MoU. It prioritizes broad-based energy cooperation, identifying potential areas like renewable energy, stable electricity systems, and climate change technologies such as carbon capture and smart city collaborations.
The transition to renewable energy presents challenges to current systems, necessitating a deep understanding of energy dynamics. The MoU highlights the importance of digitalization, cybersecurity, and AI in the energy sector, aligning Finnish expertise with Saudi priorities.
Finnish companies, known for their clean energy solutions, are poised to support this energy transition and expand their global climate impact. The MoU also encourages R&D efforts among research institutes and businesses, fostering innovation and cooperation.
Saudi Arabia, historically reliant on oil, aims to diversify its economy towards renewable energy, particularly solar and wind power, given its abundant sunlight. The country is investing heavily in green hydrogen production to advance towards a carbon-neutral future, aspiring to lead in this emerging energy sector.
