Australia enters into sixth bilateral low emissions technology partnership
Australia and India will join forces to drive down the costs of new and renewable energy technologies under a new low emissions technology partnership agreement.
The Letter of Intent between India and Australia on New and Renewable Energy Technology was agreed to by the Minister for Industry, Energy and Emissions Reduction Angus Taylor and the Hon Minister of Power and New and Renewable Energy Raj Kumar Singh, during the fourth India-Australia Energy Dialogue.
The agreement recognises Australia and India share a common objective of driving down the cost of low and zero emissions technologies to be cost-competitive with higher emitting alternatives.
Australia and India have now committed to work together on reducing the cost of ultra low-cost solar and clean hydrogen. Both technologies are priorities under Australia’s Technology Investment Roadmap.
The agreement follows the meeting between Prime Minister Scott Morrison and India’s Prime Minister Narendra Modi in the margins of QUAD discussions held in Washington DC in September 2021, where both leaders committed to progress a partnership.
Minister Taylor said the partnership reflected each country’s respective strengths and the Government’s commitment to working with like-minded partners on low emissions technologies.
“More than 90 per cent of solar cells globally use Australian technology. Over the next 10 years, India will be one of the largest adopters of solar technology in the world and Australian innovators are exceptionally well-placed to tap into this market,” Minister Taylor said.
“Australia’s approach to emissions reduction – getting the cost of new energy technologies down to parity with existing approaches – is one that can be replicated across our region.
“We will work together with our close friends in India to advance these priority low emissions technologies, to strengthen industry and research links between our countries and unlock new economic opportunities.
“At the same time, we will continue to be a trusted supplier of coal and other traditional resources commodities to India.”
Brokered by Dr Alan Finkel AO, in his role as Special Adviser to the Australian Government on Low Emissions Technology, the Letter of Intent is part of the Government’s $565.8 million commitment to support new international partnerships that make low emissions technologies cheaper and drive investment in Australia-based projects to create up to 2,500 jobs.
“International collaboration has a key role to play in deployment of technology, unlocking private investment and building diverse and resilient supply chains. Australia is working with key partner countries to help accelerate this effort,” Dr Finkel said.
It builds on partnerships already entered into with Germany, Singapore, Japan, the Republic of Korea and the United Kingdom.
Both nations will also continue to collaborate through the Quad, G20, UNFCCC and the International Solar Alliance on the development and deployment of low emissions technologies in our region and across the globe.