India, Canada launch Strategic Energy Partnership with "significant potential" to expand bilateral energy trade

New Delhi [India], March 2 (ANI): India and Canada on Monday launched a Strategic Energy Partnership aimed at significantly expanding bilateral energy trade and deepening cooperation across clean energy, critical minerals and nuclear sectors.
Delivering joint statement with Prime Minister Narendra Modi in the national capital, Canadian Prime Minister Mark Carney said the partnership marks the beginning of a new phase in India-Canada ties with "generational opportunities" for both nations.
Carney noted that India's energy demand is projected to double by 2040 and that New Delhi plans to add 500 gigawatts of renewable capacity by the end of the decade, while nearly doubling the share of LNG in its primary energy mix.
He added that Canada's vast resource base and globally competitive companies make it a strategic partner for India's clean technology, manufacturing and nuclear ambitions.
"India is a country whose demand growth for energy is projected to double by 2040. And to meet that demand sustainably, India plans to increase its renewable capacity by 500 gigawatts by the end of this decade and to almost double the share of LNG in its primary energy mix over the same period. Canada is well-positioned to contribute as a reliable supplier of the world's lowest-carbon, responsibly produced LNG from our west coast. As India seeks access to critical minerals for its manufacturing, its clean tech, and its nuclear plans, Canada's resource base and world-leading companies position it as a strategic partner," he stated.
Highlighting cooperation in the nuclear sector, Carney said a major uranium supply agreement was signed between the Government of India and Cameco.
The USD 2.6 billion deal is expected to support India's nuclear energy programme and strengthen clean, reliable baseload power generation.
"As one example, the nuclear agreement, the uranium agreement, was signed today... Today we are launching a strategic energy partnership with significant potential to expand bilateral energy trade," the Canadian PM said.
He also pointed out that 40 per cent of the world's mining companies are listed in Canada, positioning the country as a key partner for India's access to critical minerals essential for clean energy, electric vehicles and advanced manufacturing.
As part of the new framework, the two countries signed a critical minerals partnership covering development, processing and secure supply chains. The leaders also agreed to deepen cooperation in wind, solar and hydrogen energy.
"We've signed a new critical minerals partnership spanning development, processing, and secure supply chains for clean energy, electric vehicles, and advanced manufacturing. We're deepening our cooperation in clean energy, expanding collaboration across wind, solar, and hydrogen," Carney added.
He said Canada itself plans to double its electricity grid by 2050 and sees India as a major partner in that expansion.
"All of these agreements under 'One Planet' are the beginning of a new prosperous relationship that will offer generational opportunities for workers and businesses in both our countries and protect the planet for future generations," he said.
The Canadian Prime Minister arrived in India on February 27 for an official visit at the invitation of Prime Minister Narendra Modi.
This marks Carney's first official visit to the country, which began when he arrived in Mumbai. He will depart from India today following his engagements in the national capital. (ANI)