US and India launch $8m fund to boost renewables

India and the US have launched a fund to boost renewable energy access. The initiative called PACESetter Fund (PACE), worth $8 million (£5.12m), supports the Promoting Energy Access Through Clean Energy (PEACE) […]

Register now!

By Jacqueline Echevarria

India and the US have launched a fund to boost renewable energy access.

The initiative called PACESetter Fund (PACE), worth $8 million (£5.12m), supports the Promoting Energy Access Through Clean Energy (PEACE) programme.

Each country has provided 50% of the investment.

The PEACE scheme aims to accelerate the commercialisation of clean energy by developing and testing innovate products, systems and business models.

It combines resources of several US agencies and Indian ministries.

The announcement of the fund comes after the two nations signed a Memorandum of Understanding last month.