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US plans $1 billion investment in clean energy manufacturing in India
Industry News- Aug 26,24
With upcoming US elections and significant global environmental issues, Podesta highlighted the importance of strengthening the partnership between the two nations.
The United States is considering an investment of over $1 billion to support clean energy manufacturing in India, according to John Podesta, Senior Advisor to the White House on Climate Policy. In an interview with the source, Podesta emphasised the need for collaboration between the US and India to address the challenges of climate change. With upcoming US elections and significant global environmental issues, Podesta highlighted the importance of strengthening the partnership between the two nations.
Podesta underscored President Joe Biden’s commitment to enhancing relations with Prime Minister Narendra Modi, recognising India as a key ally in the global fight against climate change. “We see India as a pivotal partner in developing the technologies necessary to tackle the climate crisis,” he stated, emphasising that this partnership would also drive economic growth and job creation in both countries.
Priority sectors for US-India collaboration:
Renewable energy: He stressed the urgency of investing in renewable energy, particularly solar technologies, to build a sustainable future.
Battery storage and hydrogen: Podesta identified battery storage and hydrogen production as critical for energy transition, highlighting their roles in energy storage, grid stability, and decarbonization of various sectors.
Efficient cooling solutions: He pointed to India’s potential to lead in efficient cooling technologies, which are crucial for hot climates and regional markets.
Agriculture and forestry: Podesta emphasised the importance of developing carbon-smart agricultural practices and enhancing carbon sinks through innovative methods.
Podesta also addressed concerns about the over-reliance on China for critical minerals and components necessary for clean technologies. He advocated for a collaborative approach to diversify supply chains, noting that reducing dependency on a single source would benefit both nations. “We want to see a more stable, secure, and friendly source of supply,” he stated, stressing the importance of creating diverse suppliers to enhance global energy security and resilience.
Podesta revealed plans to deploy approximately $1 billion to strengthen manufacturing supply chains in India, with a focus on attracting private sector investment and supporting joint ventures between US and Indian companies. He mentioned leveraging resources from the Clean Technology Fund, supervised by the World Bank, to bolster manufacturing capabilities in India and foster innovation and job creation.
Reflecting on the broader implications of US-India collaboration, Podesta noted that the partnership is not only about immediate goals but also about laying the groundwork for a sustainable future. “By working together, we can accelerate the transition to clean energy and create a more sustainable world for future generations,” he said. Podesta concluded by reiterating the importance of collaborative efforts to combat climate change, asserting that their partnership is poised to play a significant role in shaping a cleaner, greener planet.
(CNBCTV18)
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