India and Australia on Tuesday inked a letter of intent for working together towards reducing the cost of new and renewable energy technologies and scaling up their deployment to reduce emission globally.

The letter of intent (LoI) was signed at the 4th India Australia Energy Dialogue, as per a power ministry statement.

This LoI will pave the way for working towards reducing the cost of new and renewable energy technologies and scaling up their deployment in order to accelerate global emissions reduction, it stated.

The focus of this LoI will be scaling up manufacture and deployment of ultra low-cost solar and clean hydrogen, it stated.

There is an urgent need to focus on advancing technology and clean energy transition. In this context, the agreed forward action plan includes areas like energy efficient technologies; grid management; R&D collaboration on flue gas desulphurisation, biomass or hydrogen co-firing, water cycle optimisation, renewables integration, batteries and electric mobility.

There are five Joint Working Groups (JWGs) under the India Australia Energy Dialogue -- Power; New & Renewable Energy; Coal & Mines; Critical Minerals; and Oil & Gas.

Apart from the power sector, there are many desirable areas of cooperation agreed under other JWGs like reducing costs of green hydrogen; cooperation in sphere of coal-based energy security and resource deployment; investment opportunities in the minerals sector; exploring potential for an LNG partnership, among others.