India and US Launch $1 Billion Initiative with IBRD to Build Global Clean Energy Supply Chains

Sep 22, 2024, 01:53 AM

India and the United States have launched a new initiative to build safe and secure global clean energy supply chains. The initiative aims to unlock $1 billion in new multilateral finance through the International Bank for Reconstruction and Development (IBRD) to enhance clean energy manufacturing in India, focusing on solar, wind, and battery technologies. This collaboration will also focus on trilateral relationships with African partners committed to clean energy deployment, particularly in solar and battery storage. The announcement, made by the White House, came after a meeting between President Joe Biden and Prime Minister Narendra Modi, underscoring the enduring commitment of both nations to deepen collaboration on issues of shared national and economic security.