India and US Collaborate on $1 Billion Clean Energy Supply Chain Initiative
Image Source: Argus News
September 23, 2024: India and the US are working together on a $1 billion multilateral financing initiative, focusing on developing a domestic clean-energy supply chain. The project will be funded through the International Bank for Reconstruction and Development (IBRD), according to a statement from the Prime Minister’s Office (PMO) on Sunday. It is aimed at expanding India’s manufacturing capacity in key areas such as solar, wind, battery, energy grid systems, and energy-efficient technologies like air conditioners and ceiling fans.
The collaboration builds upon the QUAD Summit bilateral discussions between Prime Minister Narendra Modi and President Joe Biden, strengthening the US-India clean energy partnership.
Both India and the US are committed to leveraging this collaboration to create high-quality jobs, not only within their borders but globally. This initiative aligns with their global climate goals by accelerating the deployment of clean energy.
“…clean energy transition, including the creation of high-quality jobs for our populations, acceleration of clean energy deployment globally, and achievement of global climate goals,” the statement said.
The US and India plan to expand their technical, financial, and policy support to enhance their clean energy sectors. The agreement also paves the way for greater cooperation with third countries, particularly in Africa, where solar and battery storage technologies will be key drivers of clean energy projects. The US and India will work together to deploy solar energy and electric vehicle (EV) charging networks, especially in healthcare facilities, in cooperation with the International Solar Alliance.
“India and the United States can work multilaterally with African partners to pursue high-potential solar and EV deployment opportunities, understand the conditions required for project success, detail the partnerships and financial models for project success, and implement the project,” the statement said.
Both governments aim to involve industry leaders and the private sector to identify and invest in clean energy projects. This includes a focus on solar wafer manufacturing, next-generation solar cells, and power transmission components. The initiative will also involve public-private matchmaking to form partnerships with African manufacturers, enhancing local manufacturing capacities.
DFC and the U.S. Agency for International Development are anchoring this effort by collaborating with the India-based International Solar Alliance to deploy solar and EV charging networks near health facilities, it said.
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