US to mobilize $25 mn for clean energy R&D; in India

November 7th, 2011 - 7:49 pm ICT by IANS  

New Delhi, Nov 7 (IANS) The United States will mobilize $25 million of Department of Energy funding for a joint clean energy research and development (R&D;) center in India, Under Secretary for International Trade Francisco J. Sanchez said here Monday.

“By investing in R&D; today we can ensure that we are leading the global economy of tomorrow. It is the first venture of its kind that the energy department has leveraged with the foreign government demonstrating how much we value our partnership with India,” said Sanchez at an event organized by the Confederation of Indian Industry (CII).

According to Sanchez, this would improve energy access and promote low-carbon growth through the R&D; of clean energy technologies.

Over five years, the research will focus on areas for building efficiency, solar energy and advanced bio-fuel.

Welcoming the interest of the private sector in clean energy, he also said this would play a vital role in developing the sector.

Sanchez is leading a 15-member trade delegation comprising leading players in clean technology sector in the US.

He also said that during the period of 10 years from 2000 to 2010, the US direct investment to India increased by two folds to $27 billion and the bilateral trade in goods has quadrupled to approximately $49 billion, placing India as the 17th largest export market for the US.

“We are looking together to economic growth,” added Sanchez.

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