US-India Partnership to Boost Clean Energy Manufacturing

The US and India plan to expand bilateral cooperation to enhance their clean energy manufacturing capacity. This initiative aims to unlock $1 billion in new multilateral finance through the IBRD and will focus on innovation in clean energy technologies. The partnership also aims to enhance cooperation in third countries, particularly in Africa.

The United States and India are set to elevate bilateral technical, financial, and policy support to expand complementary manufacturing capacity for clean energy, announced the White House on Saturday.

The announcement followed a meeting between Prime Minister Narendra Modi and US President Joe Biden in Greenville, Delaware, during Modi's three-day visit to the US.

The initiative will unlock $1 billion in new multilateral finance through the International Bank for Reconstruction and Development (IBRD) for projects, including the development of India's domestic clean energy supply chain. The partnership aims to enhance manufacturing capacity for clean energy technologies and foster cooperation in third countries, particularly in Africa.

This effort builds on previous clean energy initiatives from Modi's 2023 visit to the US and the Strategic Clean Energy Partnership led by the US Department of Energy and India's ministries.

The partnership sets a strong example for global clean economic development and aims to create high-quality jobs, accelerate clean energy deployment, and achieve global climate goals. Over time, the initiative seeks to mobilize additional financing into priority clean energy sectors using innovative financial tools.

The US and India will work with relevant government agencies, civil society, and the private sector to launch a package of pilot projects across the clean energy value chain, collaborating with industry leaders to scale the partnership.

(With inputs from agencies.)