The National reported a new energy agreement between the United States and Saudi Arabia. The countries signed a memorandum of understanding regarding energy cooperation.
What does this mean? The MOU isn't legally or financially binding but is a pact to identify mutually beneficial areas of energy collaboration. Guidelines in the partnership include criteria from Section 123 of the U.S. Atomic Energy Act of 1954, which prevents any country from using shared technology to create nuclear weapons or sharing such obtained information with other parties.
Nuclear energy can help Saudi Arabia gravitate to renewable energy and decrease carbon pollution under its Vision 2030 economic overhaul. Part of the plan includes adding two reactors and 17 gigawatts of nuclear capacity by 2040, The National reported.
"You're going to see a lot of energy cooperation between the United States and the [United Arab Emirates]," U.S. Secretary of Energy Chris Wright said. However, green energy coalition building is happening worldwide.
As the world moves toward a cleaner economy, opportunities for strategic partnerships among countries and companies abound and provide room for innovation. Another nonbinding energy agreement is the North Seas Energy Cooperation for offshore renewable energy development. The involved countries are Belgium, France, Denmark, Ireland, Germany, the Netherlands, Norway, and Luxembourg. Further east, the Saudi-owned ACWA Power and Chinese-owned PowerChina joined forces to build Uzbekistan's first green hydrogen-wind plant.
It's also the time for individual investors to benefit, especially as clean energy stocks have continued to outpace those of their dirty fuel counterparts. American households can save by taking advantage of clean energy tax cuts through the Inflation Reduction Act. Some companies may even let households try an induction stove for free. After an energy-efficiency evaluation, people will have more insight into what updates to make.
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Watch now: How bad is a gas stove for your home's indoor air quality?
Local and national economies can thrive with more jobs in various related sustainable fuel industries. For example, automotive giant Toyota will create 340 new jobs to produce more electric vehicles in Indiana, per Reuters. In the last three years alone, as many as 150,000 EV production jobs were created in the U.S., per the Environmental Defense Fund, with another 825,000 expected in related industries in the near future.
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