India U.S aim to Secure $1 Billion IBRD Fund to Build Clean Energy supply Chain

News: WASHINGTON, D.C.: Following bilateral talks between PM Modi and Joe Biden on the outskirts of the Quad Summit, the White House announced that India and the US are looking for USD 1 billion from the International Bank for Reconstruction and Development (IBRD) to form a partnership between the two countries to expand manufacturing of clean energy components and build a secure global clean energy supply chain.

The $1 billion IBRD funding aims to boost India’s manufacturing capacity for key clean energy technologies, including solar, wind, battery systems, energy grids, and high-efficiency air conditioners and ceiling fans. Discussions between President Biden and Indian leaders, held at his residence in Wilmington, Delaware, focused on enhancing US-India relations and addressing regional and global challenges.

According to a White House statement, both nations share a commitment to deepening collaboration on national and economic security. The US and India plan to strengthen bilateral technical, financial, and policy support to expand clean energy manufacturing capacities in both countries.

This initiative aims to make clean energy more accessible globally, with a special focus on partnerships in developing regions, particularly in Africa. The countries are also working with governments, private organizations, and industry leaders to identify key investment opportunities in clean energy sectors.

Source: Indiashippingnews