Spain and India to partner on energy security and green transition goals

Spain can work with India to further its energy security and green transition goals, according to Pedro Sánchez, Prime Minister of Spain.

Speaking at the CII Spain-India Business Summit in Mumbai, Sánchez said, “The potential for a stronger relationship between India and the European Union (including Spain) is enormous. Spain, one of the largest economies in the world, has invested $4.2 billion in India this century. We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity.”

“Spain is a world leader in clean energy. We have a lot to offer India with our experience in solar and wind power. Our expertise can help India reach its goal of 500 gigawatts of renewable energy by 2030. We are committed to partnering with India to boost its energy security and green transition. By combining Spanish innovation with India’s potential, we can make a big impact on the global economy and the environment,” he added.

Sanchez said that Spain’s advanced railway systems, subway networks and transport solutions can greatly benefit India’s infrastructure projects. He expressed willingness on the part of Spanish engineering firms in terms of sharing their expertise in creating efficient and sustainable transport systems. He also expressed interest in collaborating with India in the digitisation space.

Creating partnerships

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said, “Spain is very experienced in urban infrastructure, high-speed rail networks, transport systems and smart mobility. We look forward to new partnerships with Spain to boost our infrastructure development. We’ve also discussed collaboration opportunities in artificial intelligence, defence and green technologies. Both countries are committed to joint ventures and co-development in defence to enhance capabilities and strategic autonomy. In renewable energy, India is embracing cleaner fuels like wind and solar power. Spain’s expertise in this area could help us in our energy transition. From the CII perspective, we want to advance our discussions, and bring sectoral and senior-level business delegations to participate in global events.”

R Mukundan, Vice-President - CII, and Managing Director and CEO, Tata Chemical, in his address said, “When we work with Spanish brands, there is a transfer of knowledge, a transfer of technology, and a transfer of standards of quality, which is very essential when addressing the Indian market. And for the Spanish company, India presents a huge opportunity — we are growing at the rate of $250 billion every year, adding 10-20 million new customers annually. The value which Spanish companies need to create when addressing the Indian market also gives them the ability to access price points that they couldn’t access before, allowing them to address global markets more cost-effectively.”

S N Subrahmanyan, Chairman and Managing Director, Larsen & Toubro, said, “Spanish companies are unlike other companies we deal with internationally. They are willing to share technology, and not just overall technology, but core technology, which is important because, ultimately, if we truly want to become ‘Aatmanirbhar,’ we need to develop technology within our country. It is not enough to have broad agreements, and with Spanish companies, we often find that willingness to share.”