 "india us")
India and the United States will set up the first multi-billion investment fund in a bid to achieve their net carbon zero and clean energy transition goals, according to a joint statement issued by the two nations.
“India and the US committed to create innovative investment platforms that will effectively lower the cost of capital and attract international private finance at scale to accelerate the deployment of greenfield renewable energy, battery storage, and emerging green technology projects in India,” said the joint statement issued late Thursday night.
It said the US and India would endeavour to develop a first-of-its kind, multibillion-dollar investment platform aimed at providing catalytic capital and de-risking support for such projects.
In the green energy space, the two nations agreed to join hands on a variety of new-age fuels and technologies. They will work together to bring down the cost of green hydrogen under India’s National Green Hydrogen Mission and the US Hydrogen Energy Earthshot.
The US also welcomed India’s decision to co-lead the multilateral Hydrogen Breakthrough Agenda. The leaders also called for the development of joint efforts in carbon capture, utilisation, and storage, given its role in reducing emissions.
The statement also highlighted the creation and development of the ‘Global Biofuels Alliance’, which will be launched in July 2023, with the US as a founding member.
The US also welcomed India as the newest partner in the Mineral Security Partnership to accelerate the development of a diverse and sustainable critical energy minerals supply chain.
The leaders noted the ongoing negotiations between the Nuclear Power Corporation of India (NPCIL) and Westinghouse Electric Company (WEC) for the construction of six nuclear reactors in India, said the statement. They also welcomed the consultations between the US DOE and India’s DAE for facilitating opportunities for WEC to develop a techno-commercial offer for the Kovvada nuclear project.
“They also noted the ongoing discussion on developing next-generation small modular reactor technologies in a collaborative mode for the domestic market as well as for export. The US reaffirms its support for India’s membership in the Nuclear Suppliers Group and commits to continue engagement with like-minded partners to advance this goal,” said the statement.
