Rio de Janeiro [Brazil]: Prime Minister Narendra Modi held talks with his Australian counterpart, Anthony Albanese, on Tuesday (local time), during which they launched a Renewable Energy Partnership aimed at boosting investment between the two nations.
The official announcement came as the two leaders convened the 2nd India-Australia Annual Summit on the sidelines of the G20 summit in Brazil.
The Renewable Energy Partnership aims to provide a framework for practical cooperation in priority areas such as solar PV, green hydrogen, and energy storage.
Following the annual summit, the Ministry of External Affairs released a joint statement, “India and Australia have shared ambitions to move faster, work together, and deploy our complementary capabilities to drive climate action. The Prime Ministers welcomed the launch of the India-Australia Renewable Energy Partnership (REP), which provides 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.”
Australian PM Albanese expressed his enthusiasm for the partnership, stating, “I am delighted to welcome the launch of the India-Australia Renewable Energy Partnership. This is a significant milestone in our cooperation. Our new partnership will boost two-way investment in renewable energy.”
Prime Minister Modi highlighted 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).
“Today, we had a very productive meeting at the second India-Australia Annual Summit. Over the last two years, this was my 11th meeting with my friend Albanese. This symbolises the new energy in our bilateral relations. Since the ECTA came into force, our bilateral trade has increased by 40%. In defence, we have enhanced cooperation through joint exercises and exchanges between young officers.”
Meanwhile, PM Albanese accepted India’s invitation to attend the QUAD Leaders’ Summit in 2025.
“PM Albanese has accepted our invitation for the QUAD Summit to be hosted by India next year,” PM Modi said.
During the meeting, PM Modi reiterated India’s commitment to strengthening cooperation through the Quad.
“The Prime Ministers reiterated their commitment to strengthening cooperation through the Quad as a force for global good, delivering real, positive, and enduring impacts for the Indo-Pacific. They appreciated the Quad’s ongoing efforts in undertaking ambitious projects to help partners address pandemics and disease, respond to natural disasters, strengthen maritime domain awareness and security, build high-standard physical and digital infrastructure, invest in critical and emerging technologies, confront climate change, bolster cyber-security, and cultivate the next generation of technology leaders,” the joint statement noted.
Earlier in the day, PM Modi held discussions with Chilean President Gabriel Boric Font and Argentine President Javier Milei on the sidelines of the G20 Summit.