Today The Hon. Josh Frydenberg, Minister for Resources, Energy and Northern Australia co-chaired the Australia India Energy Security Dialogue in Canberra with the Indian Minister for Coal, Power and New and Renewable Energy, Mr Piyush Goyal.
The meeting provided an opportunity to discuss a range of issues that are a priority for Australia and India, including clean coal technology, smart grids and smart meters, energy efficiency, renewable energy, petroleum and natural gas. The meeting also provided an opportunity to reiterate the importance of the dialogue to strengthening energy cooperation between our two countries.
India is the world’s third largest energy consumer and is a strategic trading partner for Australia with around $15 billion of two-way trade. Energy and resources are integral to this trading relationship with Australian coal exports to India alone worth more than $5 billion. The relationship has been further strengthened by the signing of contracts for the long term supply of liquefied natural gas to India.
The Indian Government is undertaking a large programme of economic development providing great opportunities for Australia’s energy and resources industry. As Mr Goyal highlighted, India has just announced the first 20 cities in its Smart Cities Mission to develop core infrastructure. This will fuel a need for key resources like coal. Further, India’s renewable energy target will quadruple its current renewable capacity by 2022, providing an opportunity for Australia to export its world-leading clean energy expertise.
Mr Goyal and I agreed that Australia was a vital partner in meeting India’s growing energy needs and in developing low emissions coal technologies, liquefied natural gas, renewables and energy efficiency technologies and expertise.
The strong participation of industry from both countries in this dialogue is welcomed and will be a key feature of future dialogues. The continuation of this critical dialogue will provide opportunities for Australian energy and resources companies to increase their presence in this exciting market.