US-India Agreement Boosts $1 Billion Investment in Clean Energy Manufacturing
Key Ideas
  • India and the United States have signed an agreement to unlock $1 billion for clean energy technologies manufacturing in India to ensure resilient supply chains.
  • The partnership involves collaboration to secure multilateral financing through the IBRD, focusing on boosting India's clean energy supply chain development.
  • Key projects include renewable energy, energy storage, zero-emission vehicles, and the establishment of a National Center for Hydrogen Safety in India.
  • The agreement also emphasizes enhancing clean energy manufacturing and global supply chains through initiatives like RETAP and the Strategic Clean Energy Partnership.
India and the United States have entered into a significant agreement to support clean energy technologies manufacturing in India. The partnership aims to boost the development of India's clean energy supply chain and ensure resilient supply chains. Through collaboration, the two nations plan to unlock $1 billion in multilateral financing via the IBRD for projects in renewable energy, energy storage, zero-emission vehicles, and more. Notable investments from the US include loans to Tata Power Solar and First Solar for solar cell and module manufacturing facilities respectively. In addition, a Memorandum of Cooperation was established between the US Agency for International Development and the International Solar Alliance to promote sustainable power systems. The collaboration also includes the creation of a National Center for Hydrogen Safety in India and the utilization of the Renewable Energy Technology Action Platform (RETAP) to enhance clean energy manufacturing. The Strategic Clean Energy Partnership (SCEP) between the two countries further aims to bolster energy security, innovate clean energy solutions, address climate change, and promote employment opportunities through capacity building and industry collaboration.
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