Melbourne: In one of the most significant developments during Prime Minister Narendra Modi’s visit to Australia, India and Australia on Friday signed a long-awaited agreement – a pact that will enable Australia to supply uranium for India’s civilian nuclear energy programme.
Describing it as an “important agreement”, PM Modi said that the Australian uranium will provide “fresh momentum” to India’s clean energy ambitions.
“We have signed an important agreement today on nuclear energy. This will pave the way for uranium supplies from Australia to India and give our clean energy objectives fresh momentum,” PM Modi said after talks with his Australian counterpart Anthony Albanese.
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Echoing Modi’s view, Albanese stated that the arrangement will support India’s efforts to expand its non-fossil fuel energy capacity.
The agreement will be strictly as per conditions and safeguards put in place by the International Atomic Energy Agency (IAEA) for all uranium exports, and will be used exclusively for peaceful civilian purposes.
Why the Pact is Important
India, the world’s fastest-growing major economy, is witnessing a major surge in electricity demand fuelled by key factors such as rising industrial activity, growing adoption of electric vehicles and expansion of AI-driven data centres.
With the goal of moving towards cleaner energy as well as meeting climate commitments and ensuring a stable and reliable power supply, the Indian government is working to diversify its energy mix.
In this mission, nuclear power has emerged as a key component.
The biggest advantage is that unlike solar and wind energy, nuclear power generates electricity round the clock, as it does not depend on sunshine or wind conditions.
Further, nuclear energy produces very low operational carbon emissions, making it extremely vital for India’s goal of achieving net-zero emissions by 2070.
Hence, acquiring uranium on a long-term basis was a strategic priority for India.
How Uranium helps
Uranium powers nuclear reactors. But for reactors to work efficiently and generate electricity, a sturdy supply of uranium is needed.
India does have uranium deposits in Jharkhand, Andhra Pradesh, Telangana and Rajasthan, but its production has always fell short of demand. India had so long imported uranium Kazakhstan, Canada, Russia, Uzbekistan and Namibia.
Now with the Australian uranium deal in place, India can diversify its fuel basket and thus reduce its dependence on a smaller group of suppliers.
