India and Australia on Tuesday signed a letter of intent to work together to reduce the cost of new and renewable energy technologies and expand their deployment to reduce global emissions.
The Letter of Intent (LoI) was signed at the 4th Energy Dialogue of India, Australia, according to a statement from the Ministry of Energy.
According to the statement, the co-chairs of the dialogue were the Minister of Energy and New and Renewable Energy RK Singh and the Minister of Energy and Emission Reduction Angus Taylor from Australia.
This LoI will pave the way for work to reduce the cost of new and renewable energy technologies and expand their deployment in order to accelerate global emission reductions, it said.
The focus of this LoI will be on expanding the production and deployment of ultra-expensive solar and pure hydrogen, it said.
There is an urgent need to focus on advancing technology and moving to clean energy. In this context, the agreed action plan includes areas such as energy efficient technologies; network management; Cooperation in research and development in the field of flue gas desulfurization, co-combustion of biomass or hydrogen, water cycle optimization, integration of renewable energy sources, batteries and electric mobility.
There are five Joint Working Groups (JWGs) under the Energy Dialogue of India and Australia – Power; New and renewable energy sources; Coal and mines; Critical minerals; and oil and gas.
In addition to the energy sector, there are many desirable areas of cooperation agreed within other AWGs, such as reducing the cost of green hydrogen; cooperation in the field of energy security and the use of coal-based resources; investment opportunities in the minerals sector; exploring the potential of LNG partnerships, among others.
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