India and Australia will join hands to drive down the costs of new and renewable energy technologies under a new low emissions technology partnership agreement.
The Letter of Intent between India and Australia on New and Renewable Energy Technology was agreed to by Minister of Power and New and Renewable Energy Raj Kumar Singh and Australia's Minister for Industry, Energy and Emissions Reduction Angus Taylor during the fourth India-Australia Energy Dialogue held on Tuesday.
Energy Transition was a major area of discussion in the dialogue and both 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.
The agreement recognises India and Australia share a common objective of driving down the cost of low and zero emissions technologies to be cost-competitive with higher emitting alternatives.
Both countries have now committed to work together on reducing the cost of ultra low-cost solar and clean hydrogen.
The agreement follows the meeting between Prime Minister Narendra Modi and Australian PM Scott Morrison in the margins of QUAD discussions held in Washington in September 2021, where both leaders committed to progress a partnership.
India highlighted that there is an urgent need to focus on advancing technology and clean energy transition. In this context, 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 JWGs 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.
Australia said the partnership reflected each country's respective strengths and the government's commitment to working with like-minded partners on low emissions technologies.
"More than 90 per cent of solar cells globally use Australian technology. Over the next 10 years, India will be one of the largest adopters of solar technology in the world and Australian innovators are exceptionally well-placed to tap into this market," said Taylor.
"We will work together with our close friends in India to advance these priority low emissions technologies, to strengthen industry and research links between our countries and unlock new economic opportunities. At the same time, we will continue to be a trusted supplier of coal and other traditional resources commodities to India," the minister added.
Both nations will also continue to collaborate through the Quad, G20, UNFCCC and the International Solar Alliance on the development and deployment of low emissions technologies in the region and across the globe.
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