U.S.-India Clean Energy Finance Task Force Meets in Washington
The U.S. Department of State’s Energy Resource Bureau welcomed a delegation from India in Washington, D.C. this week for a meeting of the U.S.-India Clean Energy Finance Task Force (Task Force). The Government of India’s delegation included K.S. Popli, Chairman and Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA) and Ambassador Taranjit Singh Sandhu, Deputy Chief of Mission of the Embassy of India. In addition to the government-to-government meeting, the Task Force also convened a half-day, high-level dialogue on “Scaling Clean Energy Investment in India” with leading finance experts from commercial banks, developers, asset managers, institutional investors, and other entities working on clean energy finance in India.
A presidential initiative announced by President Obama and Prime Minister Modi, the Task Force is an innovative bilateral approach to clean energy financing. It seeks to help India meet its ambitious energy targets for renewable energy by 2022. U.S. and Indian government experts are working together to design a package of finance initiatives that will increase the flow of private capital investment for India’s renewable energy targets. Task Force representatives underscored their commitment to launching these initiatives in India to assist the government’s efforts to scale clean energy investment.
The Task Force is co-chaired by Special Envoy Amos Hochstein and India’s Ministry of New and Renewable Energy Secretary Upendra Tripathy. The Task Force is complemented by the Indian private-sector led Clean Energy Finance Forum (CEFF), a multi-stakeholder group committed to finding the right mix of policy reforms and incentives to bring capital financing to the Indian renewable energy sector.