Quad partners India and Australia strengthen new and renewable energy technology cooperation
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.
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