Over time, we want to mobilize more capital in key clean energy production sectors using public and private financing tools and unlocking new financing vehicles to meet the urgent need for flexible climate finance solutions, said White House Photo: Shutterstock.
The US and India plan to increase bilateral technical, financial, and policy support to increase complementary production capacity to build on clean energy cooperation between the two countries, according to the White House.
The announcement on Saturday came after a meeting between Prime Minister Narendra Modi and US President Joe Biden in Greenville, Delaware.
Prime Minister Modi is in the US on a three-day visit.
In order to launch a partnership to create a “shared, robust, high-quality techno-industrial base” focused on innovative clean energy production techniques, the US and India are “working to unlock USD 1 billion in new international financing through the International Bank for I -Reconstruction and Development (IBRD) projects, including promoting the creation of an Indian energy clean supply chain,” the White House said in a statement.
The partnership will look to increase the complementary production capacity of the US and India for clean energy technologies and components and lay the foundation for enhanced cooperation in third countries, with a focus on African relations.
This effort will build on existing clean energy cooperation between the US and India, including the clean energy initiatives unveiled during Prime Minister Modi’s visit to the US in 2023, and the Strategic Clean Energy Partnership led by the US Department of Energy and Indian Government services, among other programs.
The US-India partnership “sets a strong example for the world and positions our countries to lead clean economic development in the 21st century,” the statement said.
The United States and India share a lasting commitment to deepen our cooperation on shared national security and economic issues. As an important part of our economic growth agenda, we are committed to working together to capture the benefits of the clean energy transition, including the creation of high-quality jobs for our people, accelerating the deployment of clean energy around the world, and the success of the world’s climate. terms, it says.
Over time, we want to mobilize additional funding for clean energy production sectors using public and private financing instruments and unlocking new financing vehicles to meet the urgent need for flexible climate finance solutions, the White House said.
Noting that the United States and India intend to work with relevant government agencies, civil society and private companies to identify a package of pilot projects throughout the clean energy value chain, said the two countries promised to work with industry leaders to follow the steps to implement and ultimately scale this new partnership.
(Only the headline and image for this report may have been reused by Business Standard staff; other content is automatically generated from the trade feed.)
First published: Sep 22 2024 | 6:59 AM IST