Green Hydrogen–on the sidelines of the G20 Summit in Rome, Prime Minister Narendra Modi and his Italian counterpart Mario Draghi issued a joint statement in which they agreed to encourage joint investments by Indian and Italian companies in energy transition-related fields.
Both parties agreed to “initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India” as well as to “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.” The two leaders also agreed to “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).”
As part of its transition to a low carbon economy, India aims to generate 450 gigawatts of electricity by 2030 from renewable sources, such as solar and wind, and more than double the share of natural gas in its energy basket to 15 percent by 2030. Within its energy transition pathway, the company also aims to expand the production of hydrogen from all sources, particularly green hydrogen.
In the joint statement, both parties said that a joint working group will be tasked with exploring ways to cooperate in areas regarding smart cities, mobility, and smart grids by following the Memorandum of Understanding on Energy Cooperation signed in Delhi on October 30, 2017.
In addition, the group will explore cooperation on electricity distribution and storage solutions; gas transportation and the promotion of natural gas as a bridge fuel; integrated waste management (waste-to-wealth); and green energy sources (green hydrogen; CNG & LNG; bio-methane; bio-refinery; second-generation bio-ethanol; castor oil; and waste to fuel).
The two leaders also agreed to “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.”
Since November 6, 2020, when the Action Plan for Enhanced Partnership between India and Italy (2020-2024) was adopted, large strides have been made in bilateral relations. They reaffirmed their commitment to enhancing cooperation in the strategic sectors covered by the Action Plan, including the cross-cutting issue of accelerating clean energy transition to combat climate change, which was at the center of both the G20 Leaders Summit and the COP26 in Glasgow.