India and the US to Strengthen Cooperation for Secure Global Clean Energy Supply Chains

The united states and india are set to enhance their bilateral technical, financial, and policy support to expand manufacturing capacities aimed at bolstering existing clean energy collaboration between the two nations, according to a statement from the White House.

This announcement followed a meeting between prime minister Narendra Modi and US President Joe Biden in Greenville, Delaware, during Modi's three-day visit to the US.

To kickstart this partnership, the two countries aim to establish a “shared, resilient, and cutting-edge techno-industrial base” focused on innovative clean energy manufacturing. They are working to unlock $1 billion in new multilateral financing through the international Bank for Reconstruction and Development (IBRD) to support projects, including the development of India's domestic clean energy supply chain.

The initiative aims to enhance the complementary manufacturing capabilities of the US and india for clean energy technologies and components, while also paving the way for increased cooperation in third countries, particularly in Africa. This effort builds on prior clean energy collaborations initiated during Modi's earlier visit to the US in 2023 and the Strategic Clean Energy Partnership spearheaded by the US Department of Energy and indian ministries, among other initiatives.

The partnership “sets a strong example for the world” and positions both nations to lead in clean economic development in the 21st century, the statement noted.

“The united states and india share a strong commitment to deepen our collaboration on issues related to national and economic security. As part of our economic growth agendas, we are dedicated to maximizing the benefits of the clean energy transition, including the creation of quality jobs, accelerating global clean energy deployment, and achieving climate goals,” it said.

Over time, both nations aim to mobilize additional financing in priority clean energy manufacturing sectors, utilizing public and private financial resources and pioneering innovative financing solutions to meet the growing demand for flexible climate finance.

The US and india also plan to collaborate with relevant government agencies, civil society, and the private sector to identify a series of pilot projects across the clean energy value chain, committing to work with industry leaders to launch and scale this new partnership.
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Balasahana Suresh

22/09/2024 04:11 PM