WASHINGTON: The U.S.-India Business Council (USIBC) led a mission on exploring avenues for joint collaboration and investment in clean technology across three Indian cities — New Delhi, Ahmedabad and Hyderabad.
The trade body comprised of 350 top-tier U.S. and Indian companies advancing U.S.-India commercial ties led talks to grow bilateral cooperation in innovation, protecting the environment and meeting the country’s ambitious clean energy targets.
The delegation included USIBC members working in the US-India energy corridor, presenting a board range of opportunity in the renewable energy space such as GE, AES, 8minutenergy, First Solar, Applied Materials, CH2M among others, it said last week.
The Indian government has augmented its solar target fivefold to 100 GW and wind target to 60 GW by 2022, representing a $125 billion investment opportunity, USIBC noted. The objective of the meetings was to create sustained engagement on national and state-level policies and regulatory frameworks, such as the National Solar Mission and state solar policies, and thereby, ensure a level playing field for all participants, it said.
There has been considerable progress in transmission, but the problem of congestion remains, both at the interstate and intra-state levels, USIBC said. Through its meetings with senior Government of India officials, the delegation explored avenues for joint collaboration and technical exchanges in areas such as energy storage and transmission infrastructure, wind and solar power generation, energy efficiency technology and services.
It also articulated how investors can work in stride with both state and central governments to meet the country’s ambitious clean energy targets of installing 175 GW by 2022. “The strong focus on renewable energy will help increasing access to energy for all Indian citizens as part of Prime Minister (Narendra) Modi’s ambitious reform agenda,” USIBC president Mukesh Aghi said.
“There is also an urgent need for long-term financial solutions in the clean energy economy. American enterprise is eager to help in all ways possible,” he said. The delegation engaged with senior Government of India leaders to develop an action plan for a regulatory and infrastructure environment that will further foster innovation, attract investment, create jobs and fulfil initiatives such as Make in India, Innovate in India,” Aghi said. The delegation met among others officials in key central ministries and Gujarat and Andhra Pradesh Chief Ministers Anandiben Patel and N. Chandrababu Naidu.