The sub-themes of the third edition U.S.-India Energy Partnership Summit are:
• Innovation for an energy secure future
• Clean energy innovation for mitigating Climate Change
• Policy initiatives to foster US-India energy cooperation
• Removing barriers to technology transfer
• The economic imperatives for innovation and opportunities for business
• Innovation for the bottom of the pyramid
Innovations for an Energy Secure Future
As the demand of energy escalates worldwide, there is a tremendous need to innovate to ensure a continuous supply of energy to sustain its flow to a large proportion of the world’s population. This entails innovations not only in terms of technology but also in terms of governance, access and finance. The United States and India, both countries with large populations and high powered economies, need to find reliable, renewable and ingenious sources of energy to drive the engines of their dynamic economies. Thus, it is essential that the two countries discuss systems and operations that facilitate innovations in the field of renewable energy that heighten energy security for both nations.
Clean Energy Innovation for Mitigating Climate Change
Climate change is one of the most daunting challenges that the United States and India face at the moment and clean energy innovation lies at the heart of all available solutions. Innovative technologies that harness wind, water, air and solar energy are important to mitigate the impact of the changing ecosystem. Realizing the gravity of the situation both the United States and India have collaborated and invested in clean energy mechanisms. The nuclear cooperation between the US and India attempts to establish another partnership phase for clean energy. The time has come to review the progress made by these collaborations and make further advances in the realm of clean energy innovations.
Policy Initiatives to Foster U.S.-India Energy Cooperation
Energy cooperation is vital to assure the constant and durable supply of energy to power the economies of both the U.S and India. It is essential to draw policy initiatives to strengthen the partnership between the two countries. Research and Development activities under the U.S.- India Partnership to Advance Clean Energy (PACE) have already been established. Another vital area of co-operation where policy initiatives between the Unites States and India have contributed to paving the way for sustainable development is in the field of nuclear energy. The signing of the agreement between the U.S. and India lifted a three decade moratorium on nuclear trade between the two countries, opening the doors to nuclear energy within the country, which can cater to the growing energy needs of the country, while allowing it to follow the path of sustainable development. Addressing both nations' interests it is vital to sustain the momentum of collaboration on clean energy cooperation and help forge ties between the U.S. and India.
Removing Barriers to Technology Transfer
Transfer of technology between countries is an area that has generated special interest in the areas of international as well as local policy-making and legislation. Removing barriers to technology transfer entails the creation of markets and the elimination of barriers for entry of clean technology into the markets. In 2008, the United States and India's agreement to establish cooperation on nuclear energy was a significant step towards the removal of barriers to the transfer of clean technology between the two countries. As a developed nation, the U.S. is a repository of several clean technology mechanisms which can be beneficial to the Indian economy which continues to use technologies using traditional fuels. Thus, it is important to negotiate ways in which technologies can be transferred in an easier way between the two countries.
Economic Imperatives for Innovation and Opportunities for Business
With increase in the awareness about sustainable development, innovations in the field of clean energy technologies are increasing day by day. Even though India is fast moving on the path of green economy, several gaps exist in the availability of clean technology, due to financial limitations of producers and suppliers of the same. It, thus, needs to join hands with advanced countries to ensure that financial limitations do not impede the production and distribution of clean energy mechanisms in the country and businesses dealing with renewable energy thrive.
Accelerating Innovations for the Bottom of the Pyramid
On one hand the developed world has made giant strides in the field of science and technology and on the other there are millions in the developing world who have no access to basic technological facilities in terms of electricity and communication. Thus, the challenge in today’s world is bridging the gap between technology and the largest, yet the poorest socio-economic group. While the U.S., despite its large population has managed to provide basic technological facilities to its citizens, large parts of India are yet to be electrified or linked to a transport system. However bleak the situation, it provides opportunities for clean energy innovation that is not only sustainable but also cost-effective. Thus, both countries need to collaborate on the ways in which clean energy innovation can be made accessible to people at the bottom of the pyramid.