The resolve of India and the U.S. to transition to “green, clean and sustainable energy” would not be diminished by the turbulence in energy markets, India’s Petroleum and Natural Gas minister Hardeep Singh Puri has said.
The minister’s comments were made on Friday, during a press briefing in Washington DC, on the second day of his visit to the American capital, against a backdrop of oil cartel Opec Plus’s announcement of supply cuts and Russia’s ongoing invasion of Ukraine.
Earlier on Friday, Mr. Puri held discussions with his counterpart, U.S. Energy Secretary Jennifer Granholm. This was followed by joint talks under the aegis of the U.S.- India Strategic Clean Energy Partnership (USISCEP), on power and energy efficiency, renewable energy, responsible oil and gas, sustainable growth and emerging fuels and technologies.
Discussions included electrification of transport, grid integration and energy storage, industrial decarbonisation and emerging tech (hydrogen), according to India’s U.S. Ambassador, Taranjit Singh Sandhu, who briefed the media on Mr. Puri’s schedule.
A joint statement that emerged from the USISCEP dialogue said that “amidst the volatility in global energy markets” and COVID recovery as well as climate challenges, the U.S. and India commit to speeding up “a just and sustainable” energy transition.
“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,” the statement said.
The U.S. has drawn down more than a quarter of its petroleum stockpile since March. President Joe Biden had said on Wednesday that the country would continue the drawdown “as necessary” following an announcement by the Opec Plus oil producers’ cartel that it would be cutting supply by 2 million barrels per day from November.
The minister had also broached the subject of a U.S. – India ‘green corridor’ during his meetings with Ms Granholm, he said.
On Thursday, Mr. Puri met World Bank and International Monetary Fund (IMF) officials and was the chief guest at a reception at India House, the Indian Ambassador’s official residence, with several U.S. government officials and members of the diaspora in attendance.
The minister is also scheduled to participate in a business roundtable in Washington DC with representatives from the oil and gas and renewable sectors, organised by the U.S. India Business Council (USIBC) . Mr. Puri is then scheduled to travel to Houston, Texas, for energy roundtables and meetings with CEOs.
