How India Plans to Boost Energy Trade with the US: Insights from Piyush Goyal

India's Ambitious Energy Trade Goals

New York: Piyush Goyal, India's Minister of Commerce and Industry, has expressed optimism about enhancing trade with the United States in energy products, emphasizing the crucial role of US collaboration in India's energy security objectives.

During his keynote speech at the event titled 'Energy Security in a Shifting Global Landscape: Building Resilient Energy Markets Across Borders,' Goyal highlighted India's significant position as a major energy importer, including from the US.

He stated, "The world acknowledges that energy security is a collective responsibility. India is a substantial player in the energy sector, and we anticipate a rise in our energy trade with the US in the future. Our close friendship and partnership will ensure that US involvement is pivotal in achieving our energy security goals, leading to price stability and diverse energy sources for India."

Goyal is currently leading a delegation in New York to expedite a bilateral trade agreement with the US.

He also noted that September 22 marks the beginning of Navratri, a significant day in the Hindu calendar, symbolizing positive change.

The event was attended by notable figures, including MP Anurag Thakur, Secretary of the Ministry of Petroleum and Natural Gas Pankaj Jain, USISPF CEO Mukesh Agni, and ReNew co-founders Vaishali Nigam Sinha and Sumant Sinha.

Goyal further emphasized the potential for collaboration between India and the US in the nuclear power sector, stating, "We have been discussing this for a long time, and we are working to support private initiatives in nuclear energy."

He stressed the importance of ensuring resilient supplies of critical minerals and diversifying sources to prevent trade from being weaponized. Goyal advocated for the development of infrastructure, particularly transmission grids, to facilitate a clean energy transition across nations.

He remarked, "We must align our regulatory frameworks to guarantee cross-border energy security without geopolitical tensions interfering with our energy resilience."

Goyal reiterated India's commitment to nuclear energy, aiming to double its nuclear capacity in the coming years, while addressing challenges related to pricing and energy costs.

He expressed confidence that India is in a favorable position to expand its clean energy capacity, targeting growth from 250 gigawatts to 500 gigawatts over the next five years.

Additionally, Goyal commented on the European Union's Carbon Border Adjustment Mechanism (CBAM), warning that it could have detrimental effects on the EU's economy, isolating it and leading to inflation and loss of market competitiveness.

He concluded by cautioning against green protectionism, describing it as a potential trap that could hinder economic recovery.