CATALYZING THE CLEAN ENERGY TRANSITION

India and the United States committed to create innovative investment platforms that will effectively lower the cost of capital and attract international private finance at scale to accelerate the deployment of greenfield renewable energy, battery storage, and emerging green technology projects in India.

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As climate action and clean energy leaders, the United States and India share a common and ambitious vision to rapidly deploy clean energy at scale, build economic A prosperity, and help achieve global climate goals. They recognize the critical role of the U.S. Inflation Reduction Act and India's ambitious production-linked incentives scheme for cutting-edge clean and renewable technologies. The leaders highlighted the India-U.S Climate and Clean Energy Agenda 2030 Partnership and Strategic Clean Energy Partnership (SCEP) as reflective of this commitment. The leaders welcomed joint efforts to develop and deploy energy storage technologies, including through the establishment of a new task force under SCEP. The leaders welcomed the launch of the India-U.S New and Emerging Renewabl Energy Technologies Action Platform, which will accelerate cooperation in green hydrogen, offshore and onshore wind, and other emerging technologies. They will collaborate to achieve their respective national goals to reduce the cost of green/clean hydrogen under India's National Green Hydrogen Mission and the U.S. Hydrogen Energy Earthshot. The United States welcomed India's decision to co-lead the multilateral Hydrogen Breakthrough Agenda. The leaders called for the development of joint efforts in carbon capture, utilization, and storage, given its role in reducing emissions. The leaders welcomed India's VSK Energy LLC's announcement to invest up to $1.5 billion to develop a new, vertically integrated solar panel manufacturing operation in the United States and India's JSW Steel USA's plans to invest $120 million at its Mingo Junction, Ohio, steel plant to better serve growing markets in the renewable energy and infrastructure sectors.