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U.S. Crude Is Dominating Global Oil Markets

U.S. Crude Is Dominating Global Oil Markets

Surging U.S. crude exports, particularly…

Australia And India To Boost Clean Energy Cooperation

Australia and India on Wednesday pledged to work closer to advance renewable energy, increase cooperation in the critical minerals sector, and study green hydrogen development during a visit of Indian Prime Minister Narendra Modi to Australia.

“Renewable energy was once again a focus and an important topic in our discussions,” Australian Prime Minister Anthony Albanese said.

Australia and India also signed an agreement to create an Australia-India Green Hydrogen Taskforce, which will comprise Australian and Indian experts in renewable hydrogen and report to the Australian-Indian Ministerial Energy Dialogue. The task force will identify opportunities for the countries to cooperate in renewable hydrogen, Albanese added.

“Investments like the taskforce will help power our industries in the future, and ensure that Australia and India meet our energy targets in the interests of both our respective countries, but also in support of reduction of global emissions,” the Australian PM noted.

India’s Modi, for his part, said, “We had constructive discussions on strengthening our strategic cooperation in the sectors of mining and critical minerals. We identified concrete areas for cooperation and in renewable energy sector.”

Australia’s government has recently allocated $1.33 billion (AUS$2 billion) in the 2023- 24 budget to accelerate large-scale renewable hydrogen projects, aiming to become a world leader in green hydrogen production. Australia is also a major producer of lithium, the key mineral in the current leading battery technology globally.

This weekend, Australia signed with the United States a clean energy manufacturing pact with a focus on the energy transition and emissions reduction. Under the agreement, U.S. President Joe Biden will support Congress taking action to treat Australian suppliers and activity as domestic activity in the United States for the purpose of the Defense Production Act and to open tax incentives for green energy in the Inflation Reduction Act (IRA) to Australian companies.

By Charles Kennedy for Oilprice.com

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