India and Italy agree on a strategic partnership in the energy transition

India

oi-Vicky Nanjappa

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Posted: Saturday October 30, 2021 03:25 PM [IST]

Google One News India

New Delhi, October 30: Mario Draghi, President of the Council of Ministers of the Italian Republic and Narendra Modi, Indian Prime Minister, had a bilateral meeting on the sidelines of the summit of G20 leaders hosted by Italy in Rome on October 30 and 31, 2021.

India and Italy agree on a strategic partnership in the energy transition

The two leaders recognized significant progress in bilateral relations since the adoption of the action plan for a strengthened partnership between India and Italy (2020-2024) on November 6, 2020. They expressed their willingness to strengthen cooperation in the strategic sectors addressed by the action. Plan, including the cross-cutting issue of accelerating the transition to clean energy to tackle climate change, at the heart of the G20 leaders’ summit in Rome and the COP26 in Glasgow, the Prime Minister’s office said in a statement.

PM meets indologists and Sanskrit people in ItalyPM meets indologists and Sanskrit in Italy

They also recalled the India-EU leaders’ meeting held in Porto on May 8, 2021, where the European Union and India underscored the urgency of addressing the interrelated challenges of climate change, biodiversity loss and climate change. pollution and agreed to deepen cooperation to accelerate the deployment of renewable energies, including the deployment of innovative renewable technologies such as offshore wind energy and harnessing the potential of green hydrogen, promoting efficiency energy, the development of smart grids and storage technologies, the modernization of the electricity market.

In addition, the two sides agreed on the utmost importance of the cost-effective integration of an increasing amount of renewable energies into their respective power systems, as a key asset for an efficient clean transition that generates jobs, GDP growth, strengthens universal access to energy while eradicating energy poverty.

In this perspective, the two Prime Ministers appreciated India’s desire to deploy 450 GW of renewable energy by 2030 as well as the rapid ratification and active support of Italy to the International Solar Alliance, and have agreed to launch a bilateral strategic partnership in the field of energy transition.

Such a partnership could build on existing bilateral mechanisms, in particular by giving new impetus to cooperation in the field of renewable energies and sustainable development between the Italian Ministry of Ecological Transition and its Indian counterparts, namely the Ministry of new and renewable energies, the Ministry of Electricity and the Ministry of Petroleum and Natural Gas.

In order to promote their partnership in the energy transition, Italy and India will:

  • Task the “Joint Working Group” established by the MoU on Energy Cooperation, signed in Delhi on October 30, 2017, to explore cooperation in areas such as: smart cities; mobility; smart grids, electricity distribution and storage solutions; gas transportation and promotion of natural gas as a transitional fuel; integrated waste-to-wealth management; and green energies (green hydrogen; CNG & LNG; bio-methane; bio-refinery; second-generation bioethanol; castor oil; bio-oil – waste fuel).
  • Initiate a dialogue to support the development and deployment of green hydrogen and associated technologies in India.
  • Consider working together to support a large green corridor project in India to capitalize on India’s goal of producing and integrating 450 GW of renewable energy by 2030.
  • Encourage Italian and Indian companies to develop joint projects in the natural gas sector, technological innovation for decarbonisation, Smart Cities and other specific areas (eg electrification of urban public transport).
  • Encourage joint investments of Indian and Italian companies in fields related to energy transition.
  • Share useful information and experiences, especially in the area of ​​policy and regulatory framework, including possible ways to facilitate the transition to cleaner and commercially viable fuels / technologies, long-term network planning, development programs ‘incentive for renewable energies and efficiency measures, as well as for financial instruments to accelerate the clean energy transition.

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Article first published: Saturday, October 30, 2021, 3:25 p.m. [IST]


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