India and Australia have signed a Letter of Intent to reduce global carbon emission and use sustainable sources for energy during the 4th Energy Dialogue.
India and Australia have recently signed a letter of intent (LoI) on the new and renewable energy source technology which will scale up in manufacture and will provide solar and clean hydrogen at extremely low cost. They signed the LoI on 15th February 2022 at the 4th Energy Dialogue between the two countries. Minister for Power and New & Renewable Energy, R.K. Singh co-chaired it with the Australian Minister for Energy and Emissions Reduction, Angus Taylor.
According to the statement by the ministry of power, the LoI will work towards reducing the rate of new and renewable energy technologies and increasing its usage to minimize global emissions. The five joint working groups under this India Australia Energy Dialogue are power, new & renewable energy, oil & gas, coal & mines, and critical minerals.
In the dialogue, Energy Transition was an imperative topic of the discussion where both the ministers from their respective countries spoke about their ongoing Energy Transition activities, that focuses on energy efficiency, critical minerals, renewables, mining, EVs, storage, etc. R.K. Singh emphasized the relevance of climate finance to meet developing nations’ energy transition goals.
R.K. Singh emphasized the relevance of climate finance to meet developing nations’ energy transition goals. He said that this dialogue is of utmost importance for the future generations to come. They elaborate their joint statement, saying:
“This 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 emission reduction.”
Acknowledging the urgency of focusing on clean energy transition and advancing technology, they agreed to move forward with their action plan, which entails areas like grid management, energy efficiency technologies, water cycle optimization, batteries and electric mobility, energy efficiency technologies, R&D collaboration on flue gas desulfurization, renewables integration, and biomass or hydrogen co-firing.
Other than the power sector, there are multiple desirable sectors of cooperation as agreed under the Joint Working Groups like cooperation in the sphere of coal-based energy security and resource deployment, exploring potential for an LNG partnership, reducing costs of green hydrogen, investment opportunities in the minerals sector, and more.