India and Italy have agreed to explore the development of green hydrogen, the establishment of renewable energy corridors and joint projects in the natural gas sector as the two countries seek to strengthen their partnership. in the energy transition.
A joint statement released after Prime Minister Narendra Modi held the first in-person meeting with his Italian counterpart Mario Draghi on the sidelines of the G20 summit in Rome, said the two leaders agreed to encourage joint investment by Indian companies and Italians in the energy transition. related fields.
They agreed to ” initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India ” as well as ” 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. The two leaders also agreed to “encourage Italian and Indian companies to develop joint projects in the sector natural gas, technological innovation for decarbonisation, smart cities and other specific areas (e.g. electrification of urban public transport). ” India has set itself an ambitious capacity building target to generate 450 gigawatts of electricity from renewable sources such as solar and wind power and more than double the share of natural gas in its energy basket to 15% by 2030 as its transit ion towards a low carbon economy. It also plans to increase the production of hydrogen from all sources, in particular green hydrogen as part of its energy transition.
The joint statement says that a joint working group established by the Memorandum of Understanding on Energy Cooperation, signed in Delhi on October 30, 2017, will be tasked with exploring cooperation in areas such as smart cities; mobility, smart-grids.
The group will also explore cooperation in 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 and LNG; bio-methane; bio-refinery; second-generation bioethanol; castor oil; bio-oil – waste fuel).
The two leaders also agreed to “share useful information and experiences, particularly in the area of the policy and regulatory framework, including possible ways to facilitate the transition to cleaner and commercially viable fuels / technologies, planning for the future. long-term network, incentive programs for renewable energies and efficiency measures, as well as with regard to financial instruments to accelerate the clean energy transition. ” They 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 determination to strengthen cooperation in the strategic sectors addressed by the plan of action, including the cross-cutting issue of accelerating the clean energy transition to fight climate change, at the heart of Som puts G20 leaders in Rome and COP26 in Glasgow. .
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.
The two leaders agreed to deepen cooperation to accelerate the deployment of renewable energy, including the deployment of innovative renewable technologies such as offshore wind power and harnessing the potential of green hydrogen, promoting the energy efficiency, 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 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, ” he said. In this perspective, the two Prime Ministers appreciated India’s determination 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 agreed to launch a bilateral strategic partnership in the field of energy. transition. ”Energy and the Ministry of Petroleum and Natural Gas, he added.
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