Rio de Janeiro: India and Australia on Tuesday officially launched the Renewable Energy Partnership aimed at boosting two-way investment in the renewable energy sectors as Prime Minister Narendra Modi held talks with his Australian counterpart Anthony Albanese in Rio de Janeiro.
PM Modi and Anthony Albanese held the 2nd India-Australia Annual Summit on the sidelines of the G20 Summit in Rio de Janeiro during which they reiterated their commitment to further advance the Comprehensive Strategic Partnership in myriad areas like defence & security, trade & investment, education, skills, sports, space, mobility & people-to-people ties.
The Prime Ministers expressed satisfaction at the increasing two-way trade, business engagements and market access for goods and services enabled under the landmark India-Australia Economic Cooperation and Trade Agreement (ECTA). They welcomed further work towards an ambitious, balanced and mutually beneficial Comprehensive Economic Cooperation Agreement (CECA), to realise the full potential of the bilateral economic relationship
Both leaders welcomed the launch of the Renewable Energy Partnership (REP), as agreed during the 1st India-Australia annual summit.
"India and Australia have shared ambition to move faster, work together and deploy our complementary capabilities to drive climate action," according to a joint statement.
"The Prime Ministers welcomed the launch of the India-Australia Renewable Energy Partnership (REP) which would provide the framework for practical cooperation in priority areas such as solar PV, green hydrogen, energy storage, two-way investment in renewable energy projects and allied areas; and upgraded skills training for the renewables workforce of the future," the joint statement read.
"Our renewable energy partnership is officially launched," Albanese said, adding that this new partnership will boost two-way investment in the renewable energy sectors in things like solar, green hydrogen and the renewables workforce. "We are doing so much work together on driving renewable energy transition to meet our net zero targets," he said.
(With inputs from PTI)