What is in news : Recently heads of India and Italy issues Joint Statement on Italy-India Strategic Partnership in Energy Transition

Details :

• Signed in November 6th, 2020.
• In this perspective, the two Prime Ministers appreciated India’s resolve to deploy 450 GW of renewable energy by 2030 as well as Italy’s prompt ratification and active support to the International Solar Alliance, and agreed to launch a bilateral strategic partnership in the domain of energy transition.
• Such a partnership could build on existing bilateral mechanisms, including by giving new impetus to the cooperation on renewable energy and sustainable development between the Italian Ministry of Ecological Transition and its Indian counterparts, namely the Ministry of New and Renewable Energy, the Ministry of Power and the Ministry of Petroleum and Natural Gas.
• 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, signed in Delhi on October 30, 2017, 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.