Modi-Biden's meeting before G20 will have an impact, prices of batteries to solar panels will decrease

A few hours before the G20 summit in India, Prime Minister Narendra Modi and US President Joe Biden have held a bilateral meeting. It has been agreed between the two countries to do a big work to promote renewable energy. Read this news...

US President Joe Biden reached India a day before the start of the G20 summit and held bilateral talks with Prime Minister Narendra Modi. The impact of this talk will be visible for a long time, because India and America will now work together on renewable energy.

Both the countries have agreed to jointly create a 'Renewable Infrastructure Investment Fund'. Initially 1 billion dollars (about Rs 8300 crore) will be invested in this. This investment will be half-half i.e. India will invest 500 million dollars in it.

What will this investment fund do?

This investment fund will work to promote renewable energy, battery storage and green technology. Not only this, it will also help in reducing the cost of essential resources like solar panels, battery infrastructure etc. This is expected to reduce the prices of electric vehicles and electricity in the long term.

For this, India's National Investment and Infrastructure Fund and America's US Development Finance Corporation will work together. A letter of intent has also been signed between the two for an investment of $500 million each.

America will support in nuclear energy

America has said to support the promotion of nuclear energy for the power sector in India. This includes work on new technology and its testing. Besides, emphasis will also be laid on skill development for new emerging renewable technologies and energy systems. Not only this, work will be done together to improve and diversify the supply chain required for electric vehicles.

India currently generates 6,780 MW electricity from nuclear energy. This is only 2 percent of its total energy production. Most of the electricity is produced from coal. The rest of the hydroelectric projects and renewable energy also generate electricity in India. Apart from renewables, India wants to promote nuclear energy in its energy mix, because it is a zero emission technology.