Page 73 - IACC Newsletter August-September 2013 Issue 13

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The leaders look forward to the annual U.S.-India Economic and Financial Partnership in early 2015. They also welcomed
the expansion of the partnership in oversight of financial institutions, including between Reserve Bank of India and the
U.S. Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the
Comptroller of Currency. They also agreed to reinvigorate the India-U.S. CEO Forum, and welcomed India's offer to host
the Forum for the second time in early 2015.
Energy and Climate Change
The two leaders reaffirmed their commitment to implement fully the U.S.-India civil nuclear cooperation agreement.
They established a Contact Group on advancing the implementation of civil nuclear energy cooperation in order to
realize early their shared goal of delivering electricity from U.S.-built nuclear power plants in India. They looked forward
to advancing the dialogue to discuss all implementation issues, including but not limited to administrative issues,
liability, technical issues, and licensing to facilitate the establishment of nuclear parks, including power plants with
Westinghouse and GE-Hitachi technology.
Recognizing the critical importance of increasing energy access, reducing greenhouse gas emissions, and improving
resilience in the face of climate change, President Obama and Prime Minister Modi agreed to a new and enhanced
strategic partnership on energy security, clean energy, and climate change. They agreed to strengthen and expand the
highly successful U.S.-India Partnership to Advance Clean Energy (PACE) through a series of priority initiatives, including
a new Energy Smart Cities Partnership to promote efficient urban energy infrastructure; a new program to scale-up
renewable energy integration into India’s power grid; cooperation to support India’s efforts to upgrade its alternative
energy institutes and to develop new innovation centers; an expansion of the Promoting Energy Access through Clean
Energy (PEACE) program to unlock additional private sector investment and accelerate the deployment of cost-effective,
super-efficient appliances; and the formation of a new Clean Energy Finance Forum to promote investment and trade in
clean energy projects.
Both leaders are committed to working towards a successful outcome in Paris in 2015 of the conference of the UN
Framework Convention on Climate Change (UNFCCC), including the creation of a new global agreement on climate
The leaders recalled previous bilateral and multilateral statements on the phase-down of hydrofluorocarbons (HFCs).
They recognized the need to use the institutions and expertise of the Montreal Protocol to reduce consumption and
production of HFCs, while continuing to report and account for the quantities reduced under the UNFCCC. They pledged
to urgently arrange a meeting of their bilateral task force on HFCs prior to the next meeting of the Montreal Protocol to
discuss issues such as safety, cost, and commercial access to new or alternative technologies to replace HFCs. The two
sides would thereafter cooperate on next steps to tackle the challenge posed by HFCs to global warming.
They launched a new U.S.-India Partnership for Climate Resilience to advance capacity for climate adaptation planning,
and a new program of work on air quality aimed at delivering benefits for climate change and human health.
They also launched a new U.S.-India Climate Fellowship Program to build long-term capacity to address climate change-
related issues in both countries. The President and Prime Minister instructed their senior officials to work through the
U.S.-India Energy Dialogue, U.S.-India Joint Working Group on Combating Climate Change, and other relevant fora to
advance these and other initiatives.
The leaders welcomed the conclusion of a Memorandum of Understanding between the Export-Import Bank and the
Indian Renewable Energy Development Agency, which would make up to $1 billion in financing available to bolster
India’s efforts to transition to a low-carbon and climate-resilient energy economy, while boosting U.S. renewable energy
exports to India. The two leaders reiterated the importance of conserving India's precious biodiversity and agreed to
explore opportunities for collaboration on national parks and wildlife conservation.