India, Australia sign letter of intent on new and renewable energy technology
Ministry of power said that the LoI will pave the way for working towards reducing the cost of new and renewable energy technologies and scaling up deployment in order to accelerate global emissions reduction
PremiumNEW DELHI : India and Australia have signed a letter of intent (LoI) on new and renewable energy technology aimed at scaling up manufacturing and deployment of ultra low-cost solar and clean hydrogen.
In a statement, the ministry of power said that the LoI will pave the way for working towards reducing the cost of new and renewable energy technologies and scaling up deployment in order to accelerate global emissions reduction.
The LoI was signed during the 4th India – Australia Energy Dialogue held on Tuesday, February 15. The dialogue was co-chaired by Union Minister for Power and New & Renewable Energy, R.K. Singh the Australian Minister for Energy and Emissions Reduction, Angus Taylor.
"Energy Transition was a major area of discussion in the dialogue and both the Energy Ministers spoke in detail about the ongoing Energy Transition activities in their respective countries with focus on renewables, energy efficiency, storage, EVs, critical minerals, mining etc. The need of climate finance was also highlighted by India for meeting the Energy Transition goals of developing countries," said the statement.
The co-chairs of the five joint working groups under the India–Australia Energy Dialogue -- power, new & renewable energy, coal & mines, critical minerals and oil & gas -- presented the progress made so far and the forward action plan under the respective working groups.
Noting that there is an urgent need to focus on advancing technology and clean energy transition, the statement said that the agreed forward action plan includes areas like energy efficiency technologies, grid management, R&D collaboration on flue gas desulphurisation, biomass or hydrogen co-firing, water cycle optimisation, renewables integration, batteries and electric mobility.
Apart from the power sector, there are many desirable areas of cooperation agreed under the other joint working groups like reducing costs of green hydrogen, cooperation in sphere of coal-based energy security and resource deployment, investment opportunities in the minerals sector, exploring potential for an LNG partnership, among other areas.
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