india

Updated: Oct 02, 2019 20:08 IST

A new clean energy initiative with investment opportunities for a broad range of resources, such as natural gas and batteries, will be launched by India and the US during the visit of a top American official this week.

The US assistant secretary of state for energy resources, Francis R Fannon is visiting India from September 30 to October 6 for meetings with senior Indian energy officials and private sector representatives to launch the Flexible Resources Initiative (FRI or “free”) under the US-India Clean Energy Finance Task Force.

FRI will execute the shared vision of the two countries for economic growth in the Indo-Pacific fueled by clean energy, the state department said in a statement. The initiative is also part of the broader US-led Asia EDGE (Enhancing Development and Growth through Energy) initiative, an attempt to grow sustainable and secure energy markets throughout the Indo-Pacific.

The initiative will open up new investment opportunities for a range of flexible resources in India, such as natural gas and batteries, enhance commerce surrounding the adoption of such resources, and facilitate regulatory and policy frameworks that value and compensate flexible resources.

The broader Asia EDGE initiative also seeks to strengthen energy security, increase energy diversification and trade, and expand energy access across the Indo-Pacific.

Fannon will jointly lead efforts in this regard with the Federal Energy Regulatory Commission (FERC), partners from the US Department of Energy and Agency for International Development.

India’s power ministry will be part of the initiative along with the new and renewable energy ministry, Central Electricity Regulatory Commission, and Petroleum and Natural Gas Regulatory Board. The initiative is also aimed at strengthening India’s energy security by working toward a national power system that is stable, reliable and affordable.

The state department said the Indo-Pacific is key to this initiative because it will account for 60% of the global increase in energy demand by 2040.