India, US To Explore Ways To Strengthen Cooperation Across Energy Value Chain

India and the US have agreed to explore ways to further strengthen bilateral cooperation across the energy value chain for a just and orderly energy transition, as Union Minister Hardeep Singh Puri met Assistant Secretary of State for Energy Resources Geoffrey Pyatt.

Puri, the Minister of Petroleum and Natural Gas, and Pyatt met at the 52nd Gastech Exhibition and Conference in Houston.

"Met my friend for more than three decades & US @AsstSecENR Mr Geoffery Pyatt at #GasTech2024 in Houston today. We reviewed the existing energy cooperation and agreed to explore ways to further strengthen bilateral cooperation across the energy value chain for a just & orderly energy transition," Puri said in a post on X.

They also discussed how the US-India cooperation in the energy sector is both broadening and deepening due to the excellent collaboration between the institutions and companies from both sides.

Pyatt in a post on X said, "Always a pleasure to meet my friend @HardeepSPuri and his team. Today at #Gastech, we discussed investment, India’s exploration potential and cooperation between Indian companies and international partners." During a session on 'From mitigation to adaptation: Navigating volatile geopolitics in a fragmenting global order' at the conference, Puri spoke about how the emerging markets are reshaping the global energy landscape with nearly 80% of the increase in global energy demand by 2045, to come from emerging economies.

This surge in demand is driving substantial investments in both conventional and renewable energy sources, he said.

"Without India's proactive approach, the world could have faced an even more severe energy crisis," Puri said.

India is the world’s fastest-growing large economy, consuming about 5 mb/d of crude. 67 million people visit petrol pumps every day in India. India’s energy demand is expected to grow at a compounded annual growth rate of about 3% per annum by 2040 and it is estimated to double by 2050, he said.

India has adopted a pragmatic and balanced approach that underscores climate commitments while safeguarding national interests under the leadership of Prime Minister Narendra Modi, Puri added.

"We have taken several measures to enhance domestic production, diversify the supplies, accelerated the adoption of low-carbon solutions like biofuels, EVs and hydrogen. Our initiatives like the International Solar Alliance and the Global Biofuels Alliance illustrate the power of global partnerships in accelerating clean energy deployment," Puri said.

He also met Honeywell Chairman and Chief Executive Officer Vimal Kapur and held engaging discussions on the role of innovation and new technologies in low-carbon solutions.

They also discussed "fostering stronger collaborations between Honeywell and Indian energy companies to explore opportunities along the entire green hydrogen value chain including collaboration on Biofuel - Ethanol & Compressed BioGas, Carbon Capture and Utilisation and Storage among other potentially productive areas of opportunity and investment."