New Delhi [India], Sept. 12 : Maintaining that the world is changing with increasing energy demand, shifting energy markets and the effects of climate change, India and Canada have agreed take action to combat climate change through innovation and deployment of low-carbon solutions, as per provisions of the 2015 Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC).
A joint statement issued by the India and Canada said that while both nations recognize the significant scope and wide-ranging potential for cooperation in the field of energy cooperation between governments, the private sector, research organizations and regulators, both nations also agreed to explore ways to further strengthen the institutional framework for this cooperation.
"Both sides agree to consider expanding the scope of their future bilateral dialogues to cover other areas of energy such as electricity and renewables; energy efficiency, clean technology and innovation; and civil nuclear energy," the statement said.
The statement was issued after Canada's Minister of Natural Resources, Jim Carr, led the Government's first official visit and trade mission to India last week.
Carr focused on reinvigorating the two countries' energy relationship and strengthening collaboration on clean energy and innovation.
Asserting that India and Canada have shared and complementary interests in oil and gas, the statement said that an expanded Energy Dialogue and action plan will also facilitate greater collaboration between Indian and Canadian entities associated with oil and gas.
"Our objective is to enhance understanding of policies, programs and regulatory practices in both countries to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit, " the statement added.
Both nations also agreed to encourage consideration of investment opportunities in their respective energy sectors, including the Indian upstream sector under the Discovered Small Fields bid round and the Hydrocarbon Exploration Licensing Policy.
The statement added that while Canada welcomes investment in major projects, it will keep India informed of federal environmental approvals for the Pacific NorthWest LNG Project.
Recognizing that India and Canada has great potential for growth between energy sectors and broader economies, the statement highlighted that both nations has tremendous opportunity for cooperation in mutual and continuing transitions to cleaner energy economies.
"Our actions to promote access to energy and align climate and energy policies will promote sustainable development and help enhance two-way trade between our countries and provide better energy reliability for households," the statement added.
The statement also said that by working together on shared priorities, both nations can meet their international obligations on climate change, enhance energy security and ensure continued growth and prosperity for the middle class.
Twenty representatives from Canada's oil and gas, renewables and electricity, and academic sectors joined the trade mission and were successful in creating new partnerships and new applications for renewable energy and clean technology, which will match Canada's expertise and resources with India's needs and expand India's interests in Canada.
Carr held meetings with his counterparts, including Renewables, Power, Coal and Mines Minister Piyush Goyal, Oil and Gas Minister Dharmendra Pradhan, Minister of State for Atomic Energy Jitendra Singh, and Steel Minister Chaudhary Birender Singh.
The ministers underscored the importance of the Canada-India Energy Dialogue and discussed ongoing work in support of the objectives established under Mission Innovation.
Canada and India are among the 21 Mission Innovation partners that have committed to doubling government investments in clean technology research and development and to stimulating private sector investment in clean technology over the next five years.