Page 64 - Policy Economic Report - September 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

Bilateral Meeting with Canada
Shri Manohar Lal also met Shri Corey Hogan, Parliamentary Secretary to the Minister of Energy and
Natural Resources, Canada, to explore cooperation in energy efficiency, low emission technologies,
and offshore exploration under Samundra Manthan scheme. The Minister encouraged Canadian
companies to participate in India’s expanding Exploration & Production sector and deepen
engagement in emerging energy technologies.

The Union Minister reaffirmed India’s unwavering commitment to strengthening national energy
security through diversification of energy sources, expansion of clean and reliable baseload capacity,
and accelerated adoption of emerging technologies. He emphasised that India will continue to pursue
a balanced, future ready energy strategy while deepening international partnerships to ensure secure,
sustainable, and affordable energy for its citizens and contribute meaningfully to global energy
stability.

9. Minister of State for Power and New and Renewable Energy, Shri Shripad Naik holds Bilateral
Meeting with European Parliament’s Committee on Industry, Research and Energy (ITRE)
Delegation

Shri Shripad Naik, the Minister of State for Power and New and Renewable Energy, held a bilateral
meeting with a delegation of the European Parliament’s Committee on Industry, Research and Energy
(ITRE), in New Delhi, on 24 September 2026. The meeting was held to review and further strengthen
the ongoing cooperation between India and the European Union in the power sector.

The discussions covered a wide range of areas, including energy security, power sector
transformation, low-carbon development, nuclear energy, carbon markets and development of new
technologies. Both sides exchanged views on ongoing initiatives and explored avenues to deepen
collaboration, building on the strong momentum in India-EU relations, including the significant
progress achieved in the India-EU Free Trade Agreement.

Shri Shripad Naik highlighted India’s rapidly transforming power sector and the country’s efforts to
build a resilient, reliable and future-ready energy system. He noted India’s progress in expanding non-
fossil fuel capacity, including achieving the NDC commitments in this regard much ahead of the target,
strengthening transmission and distribution infrastructure, deploying energy storage and smart-grid
solutions, and advancing nuclear energy, energy efficiency and green hydrogen.

Both sides discussed opportunities for enhanced cooperation in emerging areas, including long-
duration energy storage, digital power-system technologies, green hydrogen, carbon capture,
utilization and storage, and nuclear technologies, including Small Modular Reactors. They also
exchanged perspectives on carbon markets and the evolving carbon-pricing landscape, including
Carbon Border Adjustment Mechanism (CBAM).

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