SoI On Decarbonization And Energy Transition Agenda

Explanation :

• On 28th September, 2020, NITI Aayog and Embassy of the Netherlands signed a Statement of Intent (SoI) to support the decarbonization and energy transition agenda for accommodating cleaner and more energy.
• It seek a strategic partnership to create a platform that enables a comprehensive collaboration among stakeholders and influencers, including policymakers, private enterprises, and sector experts.

Key Elements of SoI

• To lower the net carbon footprint in industrial and transport sectors.
• To realise the target potential of natural gas and promote bio-energy technologies.
• To adopt clean air technologies from monitoring to reducing actual particulates.
• To adopt next-generation technologies, such as hydrogen, carbon capture utilization, and storage forsectoral energy efficiency.
• To set up financial frameworks to deliver and adopt climate change finance.

Significance

• Both India and the Netherlands have set up sustainable energy targets and they face similar issues in realizing cleaner energy transition goals.
• So, India’s expertise in deploying high-tech solutions in a cost-effective manner in combination with the Dutch expertise in low carbon technologies will strengthen the Indo-Dutch collaboration.
• Further, SoIwill help both the countries to move towards becoming climate-resilient economies.