21:10 GMT02 July 2020
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    India and the US will be jointly working to create a $20 million Clean Energy Fund to provide finances for clean and renewable electricity by 2020.

    US and India will jointly create a $20 million Energy Finance Initiative, with the investment split equally between both the USA and India.

    "The US-India Energy Finance Initiative is expected to mobilize up to $400 million to provide finances for clean and renewable electricity by 2020," Minister of State for Power, Coal and New and Renewable Energy and Mines Piyush Goyal said in the Parliament.

    India and the US are exploring the possibilities to establish the US-India Clean Energy Hub, as a coordinating mechanism in partnership with leading Indian financial institutions, with a view to increasing renewable energy investment in India.

    Such initiatives will support the development of solar and clean energy substantially if $400 million of finances are raised through proposed initiatives, Minister of State for Power, Coal and New and Renewable Energy and Mines Piyush Goyal added.

    Apart from that US-India Catalytic Solar Finance Program will set up a $40 million fund to provide financing for small-scale renewable energy investment, particularly in poorer, rural villages that are not connected to the grid. This program aims to make equity investment in clean energy organizations.

    The new initiative that can Catalyze investment in the renewable energy space and potentially have a transforming impact on the lives of hundreds of millions of people, living in energy poverty in India and across the world.

    Clean Energy Finance cooperation between two of the world’s largest Green House Gas emitters is a crucial step towards combating climate change that is already affecting millions of people across the world.


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