US Will Raise $600 Billion For India’s Energy Needs
Biden administration is committed to helping India with funding and technical knowhow to achieve its energy target, according to John Kerry, the special presidential envoy for climate. India will produce about 450 gigawatts of renewable power by 2030 at a cost of USD 600 billion.
How is US helping India in achieving is energy targets?
John Kerry said that US had set up a consortium of several countries willing to help India with funding and technology to achieve the ambitious goal. Kerry made the remark of India’s efforts towards the goal of renewable energy and the transition it needs to achieve the goal during a virtual Fireside Chat with former Energy Secretary Ernest Moniz at IHS CERAWeek, the world’s premier energy conference.
How will US help India in funding USD 600 billion?
Kerry said that he had been working with major investment houses and asset managers in their country to try to determine how much private sector capital could be directed in the right place so that they could make that transition faster. He further said that India was dedicated on the idea of creating its own solar capacity.
Is US worried about China funding coal-fired projects?
John Kerry clearly said the US was concerned about China-funded coal-fired power and that the issue would remain to be a bone of contention between the US and China. He further maintained that he thought hydrogen as a jump ball. He said that he had talked to industrialists and government leaders in India and that they were ready to create a hydrogen economy as a future.