It has been decided that the existing energy cooperation framework between India and US would be revamped to focus more on clean energy keeping advanced American technology and the rapidly growing Indian energy market in consideration.
The framework update has been taken up keeping in mind the new priorities set by President Joe Biden in terms of energy relations with India.
An official on the condition of anonymity stated that, Petroleum minister Dharmendra pradhan, and US energy secretary Jennifer Granholm have together decided to revamp the India-US strategic energy partnership and accordingly convene a third meeting of the revamped SEP at an early date.
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On Monday, Pradhan and Granholm held a virtual conference, prior to the third meeting of the SEP and agreed to revamp it in order to reflect on the new priorities of both the countries. The aforementioned new priorities include clean energy to accelerate green energy cooperation, as per a statement released by Petroleum ministry.
Over a call organized between US & India on February 08, 2021, President Biden had stressed upon the need for a rule-based international order and underscored the urgency to address the issue of global climate change. In this regard, India has welcomed the decision of US to re-enter the Paris Accords of 2015.
The development on Monday is significant as Biden on March 26 had invited leaders from 40 countries to a two-day virtual climate summit. The leaders of India, China, and Russia were also invited for the summit.
Dharmendra pradhan and Jennifer Granholm had agreed to prioritize a deeper Indo-US collaboration in clean energy sector with dimensions like biofuels, hydrogen production, carbon capture, utilization and storage, Carbon sequestration, through technology exchange, R&D through the PACE-R system, which is Partnership to Advance Clean Energy Research. With regards to renewable energy, On January 19, a day before the inauguration of US-President Biden, US Secretary of State Antony Blinken, who was then a nominee for the position, had asserted that US & India have very strong potential to work in the field of renewable energy and associated technologies.
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Indo-US Strategic Energy Partnership
The SEP was established in April 2018 at the direction of President Donald J. Trump recognizing the strategic importance of energy in the U.S.-India bilateral relationship. It builds upon both the countries’ longstanding energy partnership and sets the stage for meaningful engagements through robust government-to-government (G2G) cooperation and industry engagement.
United States and India share an all-of-the-above approach to energy security and energy access. The SEP organizes inter-agency engagement on both sides across four primary pillars of cooperation- (1) Power and Energy Efficiency; (2) Oil and Gas; (3) Renewable Energy; and (4) Sustainable Growth. Through these pillars, United States and India are working to strengthen and modernize the power grid and distribution utilities for clean, affordable, and reliable energy access; improve efficiency, flexibility, and environmental performance in the power sector; promote inclusive and sustainable economic growth through long-term energy development; enhance energy security through oil and gas trade, and infrastructure investment; advance the development, deployment, and integration of renewable energy and expand access to finance for renewable energy projects; and reduce market barriers to energy trade and investment. The SEP also supports USG efforts under the AsiaEDGE initiative, which establishes India as a strong energy partner in the Indo-Pacific region.
