As part of their efforts to expand their collaboration in the energy transition, India and Italy decided to investigate the development of green hydrogen, the establishment of renewable energy corridors, and collaborative natural gas projects.
The two leaders agreed to encourage joint investments of Indian and Italian companies in energy transition-related fields, according to a joint statement released after Prime Minister Narendra Modi met with his Italian counterpart Mario Draghi for the first time on the sidelines of the G20 Summit in Rome.
They agreed to “start a dialogue to support the development and deployment of green hydrogen and related technologies in India,” as well as “consider collaborating on a large-scale 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 enterprises to undertake cooperative initiatives in the natural gas sector, technical innovation for decarbonisation, smart cities, and other particular sectors,” the two presidents agreed (i.e.: electrification of urban public transport). ” As it transforms to a low-carbon economy, India set an ambitious goal of constructing capacity to generate 450 gigawatts of electricity from renewable sources such as solar and wind, and more than doubling the amount of natural gas in its energy basket to 15% by 2030. As part of its energy transformation strategy, it is also considering ramping up hydrogen generation from all sources, notably green hydrogen.
A joint working group will be charged under the Memorandum of Understanding on Collaboration in the Field of Energy, signed in Delhi on October 30, 2017, to study cooperation in areas such as smart cities, mobility, and smart-grids, according to the joint statement.
Green hydrogen; CNG & LNG; bio-methane; bio-refinery; second-generation bio-ethanol; castor oil; bio-oil –waste to fuel; integrated waste management (waste-to-wealth); and green energies (green hydrogen; CNG & LNG; bio-methane; bio-refinery; second-generation bio-ethanol; castor oil; bio-oil –waste to fuel).
“Share useful information and experiences, particularly in the field of policy and regulatory framework, including possible means to facilitate the transition to cleaner and commercially viable fuels/technologies, long-term grid planning, incentivizing schemes for renewables and efficiency measures, as well as with regard to financial instruments for accelerating the clean energy transition,” the two leaders agreed. They acknowledged that bilateral relations have improved significantly after the November 6, 2020 approval of the Action Plan for an expanded Partnership between India and Italy (2020-2024). They pledged to deepen collaboration in the strategic areas covered by the Action Plan, including the cross-cutting issue of speeding the clean energy transition to combat climate change, which will be a focal point of both the G20 Leaders Summit in Rome and the COP26 in Glasgow.
They also mentioned the India-EU Leaders’ Meeting, which took place in Porto on May 8, 2021, and stressed the need of solving the interconnected concerns of climate change, biodiversity loss, and pollution.
The two leaders agreed to expand their cooperation in order to speed up the deployment of renewable energy, including innovative renewable technologies like offshore wind energy and maximizing the potential of green hydrogen, as well as promote energy efficiency, develop smart grids and storage technologies, and modernize the electricity market.
“In addition, both sides agreed that cost-effective integration of a growing amount of renewable energy into their respective power systems is a key asset for an effective clean transition that generates jobs, GDP growth, and reinforces universal energy access while eradicating energy poverty,” the statement said. “In this context, the two Prime Ministers praised India’s commitment to deploy 450 GW of renewable energy by 2030, as well as Italy’s swift ratification and active support for the International Solar Alliance, and agreed to establish a bilateral strategic partnership in the energy transition.”