New Delhi — The Union Cabinet chaired by Prime Minister Narendra Modi today gave its ex-post facto approval for the Memorandum of Understanding (MoU) on cooperation to establish the Pace Setter Fund — a fund to support the Promoting Energy Access through Clean Energy (PEACE) track of the Partnership to Advance Clean Energy (PACE) between India and the United States.
The MoU will help accelerate commercialisation of innovative off-grid clean energy solutions by providing early-stage grant funding, which will allow businesses to develop and test innovative products, systems and business models.
The mutual understanding will help cooperation through technical and commercial innovation and advancement of clean energy in off-grid space. The India-US corpus of about R .500 million ($8 million) has been drawn on a 50:50 sharing basis.
India and the United States of America have announced the launch of a new initiative, PEACE. This ambitious cooperation is a new tract under the US-India PACE, a flagship initiative on clean energy that combines resources of several American agencies and ministries in the Government of India. This has also been listed in the joint statement during the visit of the President of the US to India in January.
Also with France
The signing of the MoU, the government hopes, will help establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on the new and renewable energy issues, on the basis of mutual benefit, equality and reciprocity. The MoU envisages constitution of a joint working group that can co-opt other members from scientific institutions, research centres, universities or any other entity, as and when considered essential.
The MoU will also help in strengthening bilateral cooperation between India and France.