India, US to facilitate access for clean energy funds

The Dollar Business Bureau

India and the US on Thursday reiterated the importance of increasing mutual access to both private and public funding for the development of their clean energy sector.

The two countries noted the "importance of expanding access to public and private financing for clean energy development in order to enhance access to energy and sustainable development", said a joint statement on the 2nd India-US Strategic and Commercial Dialogue.

"The sides recognised their collective efforts to advance the US-India Clean Energy Finance (USICEF) initiative, the US-India Clean Energy Hub, the expansion of USAID programme for Utility-level support and the US-India Catalytic Solar Finance Program, which will collectively mobilise public and private capital towards clean energy solutions," it said.

Expressing satisfaction on the progress made on the US-India Clean Energy Finance Task Force, a bilateral initiative to scale investments in clean energy and help India achieve its renewable energy goal 2022, India and the US envisaged to collaborate on expanding the work of the Task Forces and undertake new clean energy finance initiatives.

Besides, both the countries reiterated their commitment to doubling their clean energy R&D investment towards fulfillment of the objectives of Mission Innovation, resolved to increased cooperation between national labs and announced the creation of the PACE Fellowship, the statement said.

Recognising India’s critical role in the development and establishment of solar power, the US affirmed that it would back India’s membership in the International Solar Alliance (ISA).

The countries applauded continued engagement between Westinghouse and the Nuclear Power Corporation of India towards finalising the contractual arrangements by June 2017 to build six AP 1,000 mw reactors that will provide clean, reliable energy to millions of people in India, it said.

"They also looked forward to the immediate commencement of work on engineering and site design and early conclusion of a competitive financing package based on the joint work by India and the US Export-Import Bank," it added.

The two partners also resolved to make continuous progress on the early finalisation of the agreement between the Bureau of Oceans Energy Management (BOEM) of the US and Directorate General of Hydrocarbons (DGH) of India for their engagements unconventional hydrocarbon research.

"They resolved to work for early finalisation of the proposed MOU between NTPC and National Energy Technology Laboratory of the US for cooperation in the field of Fossil Energy Technologies," it added.