On Tuesday, Obama and visiting India Prime Minister Narendra Modi announced an important agreement in Washington that would do two things: First, greatly increase India’s use of renewable fuels – including solar power. Second, gradually reduce global emissions of hydrofluorocarbons, which are industrial chemicals that emit heat-trapping greenhouse gases into the atmosphere.
As part of the deal, the U.S. Export-Import Bank (under attack by Republicans in Congress) and the Indian Renewable Energy Development Agency will provide $1 billion of financing for India to purchase U.S-made solar panels and other clean energy 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,” according to a summary from the White House.
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