Australia has signed its sixth bilateral low emissions technology partnership, teaming up with India to pursue ultra-low-cost solar and clean hydrogen.
During the fourth India-Australia Energy Dialogue on Tuesday, a letter of intent was signed by industry minister Angus Taylor and India’s Minister of Power and New and Renewable Energy Raj Kumar Singh on New and Renewable Energy Technology.
This is a part of the federal government’s $565.8 million investment set aside in the 2021-22 budget to support new low emissions technology partnerships. The government expects that every dollar invested in research and development projects through these partnerships will produce $3 to $5 of co-investment.
But Mr Taylor maintained that Australia would continue to be a “trusted supplier of coal and other traditional resources commodities to India”. In the first three quarters of 2021, coal exports to India increased by over 500 per cent, following trade restrictions imposed by China.
In spite of this, he reiterated that the new partnership was a display of commitment by both countries to the collaborative development of 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,” Mr 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.”
Special Adviser to the Australian Government on Low Emissions Technology Dr Alan Finkel brokered the partnership, and said green innovation needed to be a global effort.
“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.
The partnership comes after Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi made a mutual commitment to develop such a partnership in September 2021. A communique was released after the two met during QUAD discussions in Washington DC.
Australia has already signed five other low emissions technology partnerships, with Germany, Singapore, Japan, South Korea, and the United Kingdom. The partnerships are part of Australia’s Technology Investment Roadmap to drive development and commercialisation of low emissions technologies.
The roadmap is expected to inform around $18 billion of government investment in the decade to 2030 and produce $70 billion of new investment in low emissions technologies.
Do you know more? Contact James Riley via Email.