India and Italy have agreed to explore the expansion of green hydrogen, installing renewable energy corridors, and joint projects in the natural gas sector as the two countries attempt to encourage partnership in the energy shift.
A joint statement released after Prime Minister Narendra Modi conducted the first in-person meeting with his Italian counterpart Mario Draghi on the sidelines of the G20 Summit in Rome said that the two leaders agreed to promote joint investments of Indian and Italian firms in the energy transition-related sector.
They agreed to start a dialogue to help the development and usage of green hydrogen and similar technologies in India and to consider operating together to help a large size green corridor project in India to capitalise on India's goal to generate and integrate 450 GW of renewable energy by 2030.
The two leaders also agreed to promote Italian and Indian firms to form joint projects in the natural gas sector, smart cities, technological innovation for decarbonisation and other particular domains.
India set an ambitious aim of forming a capacity to produce 450 GW of electricity from renewable sources like solar and wind and over double the share of natural gas in its energy basket to 15% by 2030 as it shifts to a low carbon-emitting economy.
It is additionally looking at increasing hydrogen production from all sources, especially green hydrogen, as part of its energy transformation pathway.
The joint statement said that a joint working group set by the Memorandum of Understanding on Cooperation in the field of Energy, signed in Delhi on October 30, 2017, would be tasked to explore cooperation in areas like smart cities, mobility, and smart-grids.
The group will additionally explore cooperation in electricity distribution and storage solutions; integrated waste management (waste-to-wealth); and green energies (CNG & LNG; green hydrogen; bio-refinery; bio-methane; second-generation bio-ethanol; castor oil; bio-oil waste to fuel), gas transportation and developing natural gas as a bridge fuel.
The two leaders additionally agreed to share helpful information and experiences particularly in the field of policy and regulatory framework, involving possible means to promote the shift to cleaner and commercially viable fuel or technologies, long-term grid planning, incentivising schemes for renewables and efficiency steps, and regarding financial instruments for stimulating clean energy transition.
They noticed notable progress in bilateral relations since the adoption of the Action Plan for an improved partnership between India and Italy (2020-2024) on November 6, 2020.