Recently during a visit to India by U.S. president Obama, the two countries agreed to cooperate on clean energy as a priority for both countries. The agreement covers both financing and research options.
As a result of this agreement, a joint Indo-US PACESetter Fund has been established with a contribution of US$ 4 million (INR 25 crores) from each side for providing grants for seed capital for innovative clean energy projects. There is no financial commitment from Government of India for PACE-D and PACE-R.
This was stated by Sh. Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy (Independent Charge) in a written reply to a question in the Rajya Sabha.
India and USA have undertaken new initiatives to enhance clean energy cooperation as follows:
i. Launched “Innovative Finance Forum”.
ii. Established “PACESetter Funds” to support innovative clean energy access projects.
iii. Both the countries desire to expand current Partnership to Advance Clean Energy Development (PACE-D).
iv. Renewed commitment to expanding Partnership to Advance Clean Energy Research (PACE-R).
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.