India and the United States are collaborating to secure $1 billion in funding from the International Bank for Reconstruction and Development (IBRD) to strengthen clean energy manufacturing and build a secure global supply chain, according to a White House statement. This development follows a bilateral meeting between Prime Minister Narendra Modi and President Joe Biden on the sidelines of the Quad Summit.
The funding will support the expansion of India’s manufacturing capacity for essential clean energy technologies. This includes components for solar and wind energy, batteries, energy grid systems, and high-efficiency appliances such as air conditioners and ceiling fans. The move is expected to drive innovation and build a more sustainable and secure energy future.
Expanding Clean Energy Cooperation
The discussions between Modi and Biden in Wilmington, Delaware, centred on bolstering the US-India relationship, particularly in the areas of economic and national security. The partnership aims to enhance complementary manufacturing capabilities in both nations, which will help scale up clean energy solutions. These efforts are part of a broader goal to make clean energy more accessible and sustainable.
“The United States and India share an enduring commitment to deepen our collaboration on issues of shared national and economic security,” the White House stated.
Both governments plan to work with industry leaders and private organisations to identify investment opportunities in clean energy technologies. Furthermore, they aim to focus on clean energy cooperation in developing countries, with a special emphasis on Africa.
A Trilateral Partnership with Africa
In addition to bilateral efforts, India and the US are exploring the formation of a trilateral partnership with Africa. This initiative will focus on solar energy and battery storage projects, enabling clean energy access in the region.
The White House statement highlighted that this roadmap will serve as a short-term mechanism for collaboration, with plans for long-term cooperation. The partnership will include regular meetings and milestones to ensure continuous progress in the clean energy sector.