Modi and Draghi considered working together for a sizable green corridor project in India. It aims to take advantage of India's target of 450 GW of integrated renewable energy generation by 2030.
Rome, India, and Italy have agreed to work together on the development of green hydrogen, the establishment of a renewable energy corridor, and joint projects in the natural gas sector. Both countries have agreed to strengthen their partnership on the coming changes in the energy sector.
This information was given in a joint statement issued after the first one-on-one meeting between Prime Minister Narendra Modi and his Italian counterpart Mario Draghi on the sidelines of the G20 summit in Rome.
Negotiations also agreed on the establishment of a renewable energy corridor in India
It was agreed between the two leaders to encourage joint investment in energy transition-related sectors between companies from India and Italy, the statement said.
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The two leaders agreed to initiate a 'dialogue' for the development and installation of green hydrogen and related technology in India. In addition, Modi and Draghi considered working together for a large-scale green corridor project in India.
It aims to take advantage of India's target of 450 GW of integrated renewable energy generation by 2030. In addition, the two sides also agreed to encourage companies from Italy and India to undertake joint projects in the natural gas sector, technology innovation for carbon reduction, smart cities, and other related areas.
India aims to generate 450 GW of renewable energy by 2030
India has set a target of producing 450 GW of renewable energy by 2030 from solar, wind, and other sources. Apart from this, India also aims to increase the use of natural gas to 15 percent of its total energy consumption by 2030.
Along with this, India is also focusing on increasing hydrogen production from all sources. Joint Working Group will explore the possibility of cooperation in new areas.
The Joint Working Group on cooperation in the energy sector was signed on October 30, 2017, through a Memorandum of Understanding, the joint statement said. was created. This working group will explore the possibility of collaboration in areas such as smart cities, mobility, and smart grids.