India, US stress on ensuring reliable energy supplies to ensure balanced energy markets

Union minister for petroleum and natural gas Hardeep Singh Puri and US Secretary of Energy Jennifer Granholm held the ministerial dialogue and reviewed progress across the entire spectrum of the energy sector partnership.

“They noted with appreciation the tremendous increase in bilateral energy trade achieved over the last few years. They also welcomed the increased clean energy collaboration between stakeholders of both countries which is facilitating expanded clean energy investment, including in emerging technologies,” said a statement from the petroleum and natural gas.

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“The ministers also underscored the importance of ensuring reliable energy supplies to ensure balanced energy markets, including India’s support for the U.S. initiative to release crude oil from the strategic petroleum reserves, and the importance of diversifying to clean energy sources,” it said.

The discussions gain significance as the global energy market is going through a volatile phase amid the Russia-Ukraine conflict and India along with other countries are looking at diversifying their energy sources along with pushing for renewable energy.

During the engagements, the two ministers reviewed progress across the entire spectrum of the energy sector partnership. They noted with appreciation the tremendous increase in bilateral energy trade achieved over the last few years. They also welcomed the increased clean energy collaboration between stakeholders of both countries which is facilitating expanded clean energy investment, including in emerging technologies, the statement said.

Further, the ministers stressed that climate and clean energy collaboration should promote energy access, affordability, energy justice, while supporting sustainable economic growth and just energy transitions. They also recognized that ambitious national climate and clean energy goals require concerted action and implementation at all levels of government to ensure their viability and sustainability, the statement said, adding that capacity building and exchanging best practices including with all stakeholders were also highlighted as critical components to achieving the countries’ climate and clean energy ambitions.

They also discussed progress on continued efforts to advance emerging fuels and technologies and electrification and decarbonization of end use sectors.

The discussions covered hard-to-abate sectors, and the ministers were informed about various initiatives, including joint research and development on smart grids and energy storage and new collaboration on carbon capture, utilization and storage (CCUS) technologies, and the potential to explore collaboration on other novel technologies under the U.S.-India Partnership to Advance Clean Energy-Research (PACE-R).