Italy-India Strategic Partnership in Energy Transition:
Why in news?
Recently, at a bilateral meeting, India and Italy released the mutual Statement on Italy-India Strategic Partnership in Energy Transition.
- Both countries consider working together to support a large size green corridor project in India to capitalize on India's target to produce and integrate 450 GW of renewable energy by 2030.
- Both countries encourage joint investments of Indian and Italian companies in energy transition-related fields.
- Initiate a dialogue to support the development and deployment of green hydrogen and related technologies in India.
- Encourage Italian and Indian companies to develop joint projects in natural gas sector, technological innovation for decarbonisation, Smart Cities and other specific domains (i.e.: electrification of urban public transport).
- Such a partnership could build on existing bilateral mechanisms, including by giving new impetus to the cooperation on renewable energy and sustainable development between the Italian Ministry of Ecological Transition and its Indian counterparts, namely the Ministry of New and Renewable Energy, the Ministry of Power and the Ministry of Petroleum and Natural Gas.
The Green Energy Corridor Projects:
- The Green Energy Corridor Project aims at synchronizing electricity produced from renewable sources, such as solar and wind, with conventional power stations in the grid.
- For evacuation of large-scale renewable energy, Intra State Transmission System (InSTS) project was sanctioned by the Ministry in 2015-16. It is being implemented by eight renewable-rich states of Tamil Nadu, Rajasthan, Karnataka, Andhra Pradesh, Maharashtra, Gujarat, Himachal Pradesh, and Madhya Pradesh. The project is being implemented in these states by the respective State Transmission Utilities (STUs).
- The purpose is to evacuate 20,000 MW of large-scale renewable power and improvement of the grid in the implementing states.
- The total project cost is Rs. 10141 crores.
- The project is being implemented by respective State Transmission Utilities (STUs) allocating the work through a competitive bidding process. The Ministry monitors the project every month.
- Italy is the eighth largest economy in the world and the third largest in the Eurozone.
- It is also the world's sixth largest manufacturing nation, dominated by small and medium enterprises clustered in many industrial districts.
- India, on the other hand, is the sixth-largest economy and a large market for over 600 Italian companies operating in India.
- Recently, Italy has joined the International Solar Alliance (ISA).
Please Rate this article, so that we can improve the quality for you -