As part of their efforts to stimulate partnership in the energy transition, India and Italy have agreed to study the growth of green hydrogen, the installation of renewable energy corridors, and collaborative natural gas projects.
The two leaders agreed to promote joint investments of Indian and Italian firms in the energy transition-related sector, according to a joint statement released after Prime Minister Narendra Modi met with his Italian counterpart Mario Draghi for the first time on the sidelines of the G20 Summit in Rome.
They decided to start a conversation to help India develop and use green hydrogen and comparable technologies, as well as to discuss collaborating on a large-scale green corridor project to help India achieve its target of generating and integrating 450 GW of renewable energy by 2030.
As it transitions to a low-carbon economy, India set an ambitious goal of creating a capacity to produce 450 GW of electricity from renewable sources such as solar and wind by 2030, and to more than quadruple the amount of natural gas in its energy basket to 15%.
As part of its energy transition route, it is also considering increasing hydrogen generation from all sources, particularly green hydrogen.
A joint working group established by the Memorandum of Understanding on Cooperation in the Field of Energy, signed in Delhi on October 30, 2017, would be entrusted with exploring cooperation in areas such as smart cities, mobility, and smart-grids, according to the joint statement.
The group will also look into collaboration in areas such as power distribution and storage, integrated waste management, green energy, gas transportation, and the development of natural gas as a bridge fuel.
In addition, the two leaders agreed to share useful information and experiences, notably in the field of policy and regulatory framework, including various ways to support the shift to cleaner and economically viable fuels or technologies, long-term grid planning, and other topics.