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India-US clean energy partnership manages to garner $1.7 bn from private sector

16 May 2013 Evaluate

Mirroring the effect of the expanding Indo-US partnership in clean energy sector, India and America have managed to garner $1.7 billion from the private sector to finance clean energy initiatives. Further, an additional $125 million public-private joint research center is also being created that will be led by 95 government, research, and private organizations.

While attending the 4th US-India Energy Partnership Summit, Assistant Secretary of Central Asia Robert Blake said, both nations are expanding bilateral cooperation on clean energy through the US-India Partnership to Advance Clean Energy and has mobilized over $1.7 billion.          

Expressing that collaboration in this area can drive broader cooperation and economic connectivity, he said, the US will address India’s all energy issues, from the Ministry of New and Renewable Energy to the Ministry of External Affairs and the Prime Minister's Office. Further, clean energy cooperation will be a key part of the agenda, when the US-India Strategic Dialogue will be held this summer.

Meanwhile, India is an energy deficient nation and is seeking more collaboration with the United States in the renewable energy sector. India needs massive investment in the renewable energy sector which is estimated to be between $60-70 billion in the next five years. India-US energy dialogue focuses on critical areas of social development and both the countries are also developing a joint strategy of clean energy development. 

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