G20 Summit: India, U.S agree to set up to $1 billion fund for renewable energy at bilateral meet

Prime Minister Narendra Modi and U.S President Joe Biden held a bilateral meet, hours before the G20 Summit. During the meet, the leaders have agreed to forge Renewable Infrastructure Investment Fund with investments of up to $1 billion. Both the countries have agreed to set up $500 million each for this.

“Towards this end, India’s National Investment and Infrastructure Fund and the U.S. Development Finance Corporation exchanged letters of intent to each provide up to US$500 million to anchor a renewable infrastructure investment fund,” read the joint statement issued by the White House shortly after Biden and Modi held bilateral talks in New Delhi.

An agreement to pilot and test innovative technologies along with training and skill development for the adoption of new and emerging renewable technologies and energy systems is also formed. 

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Along with this, the countries have agreed to cooperate on accelerating nuclear energy for the power sector in India. They have also concurred to collaborate to diversify the supply chain for electric mobility.

As per MoneyControl, India and the United States have also made progress toward the creation of investment platforms to lower the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage, and emerging green technology projects in India.