India, US to step up support for building global clean energy supply chains: WH | External Affairs Defense Security News

“Over time, we will work to mobilize additional financing in priority clean energy sectors that leverage public and private financial tools and pioneer innovative financial vehicles to meet the rapid demand for flexible climate finance solutions,” the White House said. Photo: Shutterstock

3 minutes of reading Last update: Sep 22, 2024 | 6:59 AM IST

According to the White House, the United States and India plan to increase bilateral technical, financial and policy support to expand complementary production capabilities, which is intended to build on existing clean energy cooperation between the two countries.

The statement came after a meeting between Prime Minister Narendra Modi and US President Joe Biden in Greenville, Delaware, on Saturday.

Prime Minister Modi is in the US on a three-day visit.

To launch a partnership to create a “shared, resilient, and cutting-edge technological and industrial base” focused on innovative clean energy production techniques, the U.S. and India “are working to unlock $1 billion in new multilateral financing through the International Bank for Reconstruction and Development (IBRD) for projects, including accelerating the expansion of India’s domestic clean energy supply chain,” the White House said in a statement.

The partnership will aim to expand the complementary manufacturing capabilities of the United States and India in clean energy technologies and components and to lay the foundation for enhanced cooperation in third countries, with a particular emphasis on partnerships in Africa.

The initiative will build on existing U.S.-India clean energy cooperation, including clean energy initiatives launched during Prime Minister Modi’s visit to the U.S. in 2023 and the Strategic Clean Energy Partnership led by the U.S. Department of Energy and Indian government ministries, and other initiatives.

The U.S.-India partnership “sets a powerful example for the world and prepares our countries to lead clean economic development in the 21st century,” the statement said.

The United States and India share an enduring commitment to deepening cooperation on shared national and economic security issues. As an important aspect of our economic growth programs, we are committed to working together to capture the benefits of the clean energy transition, including creating high-quality jobs for our populations, accelerating the deployment of clean energy worldwide, and achieving global climate goals, as stated.

The White House said that over time, we will pursue additional financing for priority clean energy sectors, leveraging public and private financial tools, and pioneering innovative financial instruments to meet the rapid demand for flexible climate finance solutions.

Noting that the United States and India intend to work with relevant government agencies, civil society, and the private sector to identify a suite of pilot projects across the clean energy value chain, it said both nations also commit to working with industry leaders on the following activities to launch and eventually scale up this new partnership.

(Only the headline and image of the report may have been edited by the Business Standard team; the rest of the content is automatically generated from a syndicated feed.)

First published: Sep 22, 2024 | 6:59 AM IST