Italy-India Strategic Partnership in Energy Transition
Part of: Mains GS-II: India’s relationship with Italy
- Acknowledged significant progress in bilateral relations since the adoption of the Action Plan for an enhanced Partnership between India and Italy (2020 –2024)
- Expressed their resolve to strengthen cooperation in the strategic sectors addressed by the Action Plan, including the cross-cutting issue of accelerating the clean energy transition to fight climate change, central to both the G20 Leaders Summit in Rome and the COP26 in Glasgow
- Both sides agreed on the utmost importance of cost effective integration of a growing amount of renewable energy into their respective power systems, as a key asset for an effective clean transition that generates jobs, GDP growth, reinforces universal energy access while eradicating energy poverty.
In order to promote their partnership in energy transition, Italy and India will:
- Task the “Joint Working Group” established by the Memorandum of Understanding on Cooperation in the field of Energy, to explore cooperation in areas such as: Smart Cities; mobility; smart-grids, electricity distribution and storage solutions; gas transportation and promoting natural gas as a bridge 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).
- Initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India.
- Consider working together to support a large size green corridor project in India to capitalize on India’s target to produce and integrate 450 GW of renewable energy by 2030.
- Encourage Italian and Indian companies to develop joint projects in natural gas sector, technological innovation for decarbonisation, Smart Cities and other specific domains (i.e.: electrification of urban public transport).
- Encourage joint investments of Indian and Italian companies in energy transition-related fields.
- Share useful information and experiences especially 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 clean energy transition.
News Source: PIB