Japan and India, as the third and the seventh largest economies respectively, recognized that having access to reliable, clean and economical energy is critical for their economic growth, Shri R.K Singh, and Minister of Economy, Trade and Industry (METI) Mr. Hiroshige Sekosigned said in a Joint Statement at the conclusion of the 9th India Japan Energy Dialogue.
Both Ministers agreed on further strengthening of bilateral energy cooperation for energy development of both countries, while also contributing to worldwide energy security, energy access and climate change issues.
Both India and Japan with a view to implement Nationally Determined Contributions (NDCs) under the aegis of the United Nations Framework Convention on Climate Change (UNFCCC) recognized the importance of development and deployment of next generation technologies including hydrogen to realize de-carbonization.
Both India and Japan appreciated the relevance of the grid stability given the high penetration of variable renewable energy. Both countries agreed to initiate the discussion towards development of Electric Vehicles (EVs) by collaborating with “Policy dialogue on next generation/Zero emission vehicles”.
Both India and Japan reiterated the continued importance of coal-based electricity generation in the energy mix in both the countries and also agreed to promote the cooperation on environmental measures for coal-fired power plants.
Both India and Japan further confirmed their commitment to work together in promoting well-functioning energy markets and affirmed to promote transparent and diversified Liquefied Natural Gas (LNG) market through the relaxation of destination clause.