India and the United States will launch the Flexible Resources Initiative under the Clean Energy Finance Task Force with an aim to execute the shared vision of the two counties to fuel Indo-Pacific economic growth through the use of clean energy.
Assistant Secretary of State for Energy Resources (ENR) Francis R. Fannon, who is on a week-long visit (ending October 6) to India, will hold meetings with senior Indian government energy officials and private sector representatives in this regard.
"Assistant Secretary Fannon will meet with senior Indian government energy officials and private sector representatives to launch the Flexible Resources Initiative (FRI, "free"), under the U.S.-India Clean Energy Finance Task Force. FRI will execute the United States and India's shared vision for Indo-Pacific economic growth fueled by clean energy," a statement by the US Department of State read.
FRI will signal new investment opportunities for a broad range of flexible resources in India such as natural gas and batteries. Besides, it will enhance commerce surrounding the adoption of flexible resources, as well as facilitate the regulatory and policy frameworks that value and compensate flexible resources.
"Mr. Fannon will co-lead efforts, along with the Federal Energy Regulatory Commission (FERC), as well as partners from U.S. Department of Energy and the U.S. Agency for International Development," the statement read.
"India's Ministry of Power will host, along with the Indian Ministry of New and Renewable Energy, the Indian Central Electricity Regulatory Commission, and the Indian Petroleum and Natural Gas Regulatory Board. Together they will strengthen India's energy security by jointly working toward a national power system for India that is stable, reliable, and affordable," it added.
The broader Asia EDGE initiative seeks to strengthen energy security, increase energy diversification and trade, and expand energy access across the region.
The Indo-Pacific is key in this effort because it accounts for 60 per cent of the total global increase in energy demand by 2040, according to the International Energy Agency (IEA). As such, India represents enormous challenges and opportunities, requiring high-level partnerships across public and private sectors.