Aiming at accelerating the commercialisation of innovative off-grid clean energy solutions, India and US on Friday announced an investment of $8 million in the PACEsetter Fund.
The PACEsetter Fund is the principal funding arm of Promoting Energy Access through Clean Energy - an initiative of the Indian and US governments to harness commercial enterprise and bring clean energy access to unserved and underserved individuals and communities.
The announcement was made by US Ambassador Richard Verma and New and Renewable Energy Secretary Upendra Tripathy on the sidelines of an event hosted by The Climate Group (TCG) - an international non-profit organisation working towards achieving a low carbon future.
"Off-grid energy business models not only have the potential to connect millions of people in India, South Asia and other parts of the world to clean electricity, but also provide them with a platform for moving out of poverty while avoiding the carbon emissions associated with conventional development models," TCG's CEO Mark Kenber said in a statement.
TCG's India director Krishnan Pallassana said usage of renewable energy will help create a "low-carbon, prosperous future with health, social and economic benefits for all".
