India, US to elevate support to build global clean energy supply chains: WH | External Affairs Defence Security News
Over time, we seek to mobilise additional financing into priority clean energy manufacturing sectors that harness public and private financial tools and pioneer innovative financial vehicles to meet the rapid demand for flexible climate finance solutions, said the White House Photo: Shutterstock
The US and India plan to elevate bilateral technical, financial, and policy support to expand complementary manufacturing capacity for building on existing clean energy cooperation between the two nations, according to the White House.
The announcement on Saturday came after the meeting of Prime Minister Narendra Modi and US President Joe Biden at Greenville, Delaware.
Prime Minister Modi is in the US on a three-day visit.
To launch the partnership for establishing a “shared, resilient, and cutting-edge techno-industrial base” centred on innovative clean energy manufacturing techniques, the US and India are “working to unlock USD 1 billion in new multilateral finance through the International Bank for Reconstruction and Development (IBRD) for projects, including catalysing India’s domestic clean energy supply chain buildout”, the White House said in a statement.
The partnership will look to expand complementary US and Indian manufacturing capacity for clean energy technologies and components and lay the groundwork for enhanced cooperation in third countries, with a focus on partnerships in Africa.
This effort will build on existing clean energy cooperation between the US and India, including clean energy initiatives launched 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 Government of India ministries, among other initiatives.
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 an enduring commitment to deepen our collaboration on issues of shared national and economic security. As an important aspect of our economic growth agendas, we are committed to working together to capture the benefits of the clean energy transition, including the creation of high-quality jobs for our populations, acceleration of clean energy deployment globally, and achievement of global climate goals, it said.
Over time, we seek to mobilise additional financing into priority clean energy manufacturing sectors that harness public and private financial tools and pioneer innovative financial vehicles to meet the rapid demand for flexible climate finance solutions, said the White House.
Noting that the United States and India intend to work with relevant government agencies, civil society and the private sector to identify a package of pilot projects across the clean energy value chain, it said that the two nations also pledge to work with industry leaders on the following lines of effort to launch and eventually scale this new partnership.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 22 2024 | 6:59 AM IST
