India okays clean energy pacts with US, France, Mongolia

Clean energy grid India

The union cabinet on Wednesday endorsed, retrospectively, the agreements India signed with the US, France and Mongolia to promote clean energy through new and renewable sources.

“The cabinet, presided over by Prime Minister Narendra Modi, approved a pact signed on June 30 with the US government for setting up a fund to support promoting energy access through clean energy,” an official statement said here.

The Pace Setter Fund is part of the Indo-US partnership to advance clean energy (PACE) and help accelerate commercialisation of off-grid clean energy solutions by providing early-stage funding, which will allow businesses to develop and test products, systems and business models.

The cabinet gave nod to another agreement signed with France on April 10 for cooperative institutional relationship to promote technical bilateral cooperation on new and renewable energy issues.

The pact, which was signed during Modi’s visit to Paris in April, envisages forming a joint working group with members from scientific institutions, research centres and universities from both countries.

The five-year pact with Mongolia, signed on May 17 during Modi’s visit to Ulaanbaatar, envisages institutional relationship to promote technical bilateral cooperation between the two countries on renewable energy.