The report states that the US is funding USD 500 million to help American companies manufacture solar panels in India
The US is funding USD 500 million to help American companies manufacture solar panels in India, the White House announced recently.
This comes after the White House said that the Quad leaders have renewed their commitment to promote a free, open, rules-based order in the Indo-Pacific region.
The Quad was formed in November 2017 through the initiatives of the US, Australia, India and Japan. This was inorder to develop a new strategy to keep the critical sea routes in the Indo-Pacific free of any influence, amidst China’s growing military presence in the strategic region.
“Australia, India, Japan, and the United States are committed to promoting the free, open, rules-based order, rooted in international law and undaunted by coercion, to bolster security and prosperity in the Indo-Pacific and beyond,” a White House report said.
The report states that the US is funding USD 500 million to help American companies manufacture solar panels in India.
“Under the Biden-Harris Administration, the US Development Finance Corporation (DFC) is actively pursuing investments overseas that will strengthen key US and international supply chains, such as the DFC’s December 2021 announcement that it would provide up to USD 500 million in financing for a US company to expand solar manufacturing in India,” it said.
This builds on domestic investments to expand solar manufacturing in the United States, the report stated.
“This group is working together on building open and secure supply chains for vaccine production, establishing responsible and resilient clean-energy supply chains and launching a green shipping network, and focusing on critical and emerging technology – including a joint semiconductor supply chain mapping initiative,” it said.
The Biden-Harris Administration has been working with the Congress, our international allies and partners, and the private sector to expand available supplies of the microelectronics, or semiconductor chips, that go into cars, smart phones, medical equipment, and our broadband and power infrastructure, it said.