India-US Clean Energy Technology Agreement to Foster $1 Billion in Investments
India-US Clean Energy Technology Agreement
In a significant move, the India-US clean energy agreement aims to unlock $1 billion for clean energy technology manufacturing in India. This collaborative effort seeks to bolster the resilient supply chain of clean energy components. The partnership, outlined by President Biden and Prime Minister Modi, highlights the commitment to safe and secure global clean energy supply chains through manufacturing initiatives.
Key Objectives and Initiatives
- Unlocking multilateral finance: The agreement focuses on catalyzing India's domestic clean energy supply chain buildout.
- Renewable energy projects: Phases include support for renewable energy, energy storage, and high-efficiency technologies.
- Investment from the US: US International Development Finance Corporation has provided loans to Tata Power Solar and First Solar for solar manufacturing facilities.
Enhancing Collaboration
This agreement also introduces a new Memorandum of Cooperation between the US Agency for International Development and the International Solar Alliance, aimed at promoting sustainable power systems and leveraging diverse renewable energy sources.
The strategic partnership is expected to not only improve energy security but also create job opportunities through increased capacity building and collaborations in clean energy innovation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.