India, USA signed MoU on cooperation to establish PACESetter Fund

It is aimed at accelerating commercialization of off-grid clean energy products, systems and business models.

Created On: Jul 10, 2015 12:05 ISTModified On: Jul 10, 2015 16:29 IST

India and the USA on 30 June 2015 signed a Memorandum of Understanding (MoU) on cooperation to establish the PACESetter Fund in New Delhi.

The agreement was signed by Upendra Tripathy, Secretary, Ministry of New and Renewable Energy (MNRE) and Richard Verma, United States Ambassador to India.

The PACESetter Fund is meant to support the Promoting Energy Access Through Clean Energy (PEACE) track of the USA-India Partnership to Advance Clean Energy (PACE).

It was established with a corpus of about 50 crore rupees with both the countries contributing equally.

To oversee the fund, a steering Committee comprising the Secretary of the MNRE and the United States Ambassador to India, and three representatives from each side has been constituted.

Features of USA-India Partnership to Advance Clean Energy (PACE)

• It is a flagship initiative on clean energy that combines the resources of several U.S. agencies and GOI Ministries.
• It is aimed accelerating the commercialization of off-grid clean energy through early-stage grant funding grants to develop and test innovative products, systems and business models.

Now get latest Current Affairs on mobile, Download # 1 Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

8 + 5 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all