According to an estimate by the US Trade and Development Agency, its portfolio in India has the potential to open up USD 37 billion in finance for industries like infrastructure, clean energy, and digital connectivity
The US Trade and Development Agency has estimated that its portfolio in India has the potential to unlock USD 37 billion in financing in sectors such as clean energy, digital connectivity and infrastructure.
USTDA Director Enoh T Ebong also said her organisation is "very interested" in exploring collaboration with India in its ambitious plan to build green hydrogen projects. On Wednesday, the USTDA partnered eight states - Gujarat, Haryana, Karnataka, Kerala, Punjab, Tamil Nadu, West Bengal and Maharashtra - under its Interstate Clean Energy Procurement Programme.
Ebong is currently on a visit to India. "We are very interested in exploring collaboration in this new technology," she told a small group of reporters when asked about possible collaboration between India and the US in the upcoming area of green hydrogen.
India on January 4 approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore to develop a green hydrogen production capacity of five million tonnes a year by 2030. Asked about the USTDA's portfolio in India, she said it is involved in approximately 200 activities in several sectors.
The USTDA provides funding for feasibility studies, extends assistance and help implement pilot projects to integrate the US private sector innovation into infrastructure projects in various parts of the globe.
"We estimate that our portfolio has the potential to unlock USD 37 billion in financing. So that's what we think we will be able to, if these projects are implemented, (and they could) unlock that amount of financing. We look at it in terms of what is the possibility here and looking at our portfolio that is what we estimate," she said.
The USTDA director launched the Interstate Clean Energy Procurement Program (ICEPP) that is aimed at advancing the development of clean energy infrastructure in eight Indian states through targeted training for public procurement officials on best value and life-cycle cost analysis. USTDA is funding ICEPP through its Global Procurement Initiative (GPI).
"USTDA is launching ICEPP because of the priority that India has placed, at both the national and state level, on procuring high-quality clean energy infrastructure," said Ebong. Director Ebong launched ICEPP during its inaugural training event, which included state-level procurement officials from the states of Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Punjab, Tamil Nadu, and West Bengal. With a combined population of more than 500 million people, these states have ambitious renewable energy targets requiring billions of dollars in new investment and are among India's leaders in terms of installed renewable energy capacity, the USTDA said.
A focus of the USTDA-funded training will include interstate collaboration for achieving each state's respective clean energy development strategies, it said.
Launched in 2013, USTDA's GPI trains public officials in emerging markets on how to establish procurement practices and policies that integrate life-cycle cost analysis and best value determination in a fair, transparent manner.
Ebong said she is in India to build a public private sector partnership between the two countries that will contribute to the accomplishment of India's infrastructure priorities. "These are the critical tools for attracting financing and deploying innovative technology to achieve India's highest infrastructure priorities," Ebong said.
She said her trip has been notable for progress in areas including clean energy, digital connectivity and civil aviation. Ebong revealed that the USTDA also announced a feasibility study funding that will enable it to expand the network for broadband connectivity to more than 30 million people in rural and urban communities in 16 Indian states.
Ebong said her visit to India has been both "productive and meaningful", noting that the USTDA's commitment to India embodies President Joe Biden's vision of creating global partnerships that are "good for all of us".
Asked whether USTDA is also looking at partnering with India in implementing projects under the ambitious Indo-Pacific Economic Framework (IPEF), she responded, "We are very excited with the launch of IPEF. It is completely consistent with the work that we do," she said.
In line with Washington's long-term vision for the Indo-Pacific region, President Biden in May last year launched the IPEF, which is an initiative aimed at deeper cooperation among like-minded countries in areas like clean energy, supply-chain resilience and digital trade. The initiative was largely seen as an attempt to counter growing Chinese influence in the Indo-Pacific region.