Powering up the Australia-India clean energy partnership, Pg8

Key Highlights:

• Australian Minister for Climate Change and Energy, Chris Bowen, is visiting Delhi on October 15 to meet with India's New and Renewable Energy Minister, Pralhad Joshi.
• The India-Australia Renewable Energy Partnership (REP), launched by Prime Ministers Narendra Modi and Anthony Albanese last year, aims to scale up renewable energy and reduce dependence on China.
• India has pledged to reach 500 GW of non-fossil electricity capacity by 2030, with approximately 280 GW from solar sources.
• Australia has set a target to reduce emissions by 62%-70% below 2005 levels by 2035.

Detailed Insights:

• The Indo-Pacific region is highly vulnerable to climate change, experiencing nearly 10 climate-related disasters per month between 1970 and 2022.
• China dominates the processing and manufacturing of critical materials, refining over 90% of rare earth elements and producing nearly 80% of global solar modules.
• The COVID-19 pandemic and restrictions on rare earth exports have exposed vulnerabilities in global clean energy supply chains.
• The REP proposes cooperation across eight areas, including solar photovoltaic technology, green hydrogen, energy storage, and capacity building.
• Australia can supply India with critical minerals and co-invest in refining infrastructure, while India can contribute its workforce and growing market demand.
• Australia's Net Zero Jobs Plan focuses on creating a skilled workforce, and India's Skill India program can direct its demographic dividend towards clean energy.

Key Concepts Involved:

• Renewable Energy Partnership (REP): A collaborative framework between India and Australia to enhance clean energy cooperation.
• Critical Minerals: Minerals essential for clean energy technologies, including lithium, cobalt, and rare earth elements.
• Net Zero: Achieving a balance between greenhouse gas emissions produced and greenhouse gas emissions taken out of the atmosphere.