New Delhi: The I2U2 (India, Israel, US, UAE) Group will advance a hybrid renewable energy project in Gujarat consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system, said a joint statement issued by the leaders of West Asian Quad or I2U2 on Thursday. The U.S. Trade and Development Agency funded a feasibility study for the USD 330 million projects.
UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. Israel and the United States intend to work with the UAE and India to highlight private sector opportunities, the statement read. The West Asian quad leaders pointed out that Indian companies are keen to participate in this project and contribute to India’s goal of achieving 500 GW of non-fossil fuel capacity by 2030.
Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector. This unique grouping of countries aims to harness the vibrancy of the societies and entrepreneurial spirit to tackle some of the greatest challenges confronting the world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security.
The I2U2 leaders intend to mobilize private sector capital and expertise to modernize infrastructure, advance low carbon development pathways for the industries, improve public health and access to vaccines, advance physical connectivity between countries in the Middle East region, jointly create new solutions for waste treatment, explore joint financing opportunities, connect the startups to I2U2 investments, and promote the development of critical emerging and green technologies, all while ensuring near- and long-term food and energy security.
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"We reaffirm our support for the Abraham Accords and other peace and normalization arrangements with Israel. We welcome the economic opportunities that flow from these historic developments, including for the advancement of economic cooperation in the Middle East and South Asia, and in particular for the promotion of sustainable investment amongst the I2U2 partners", the leaders said in the statement.
They also welcomed other new groupings of countries, such as the Negev Forum for regional cooperation, that recognize the unique contributions of each partner country, including Israel’s ability to serve as an innovation hub connecting new partners and hemispheres to strategically address challenges that are too great for any one country to manage alone.
Today, the inaugural I2U2 leader's meeting focused on the food security crisis and clean energy. The leaders discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems that can better manage global food shocks. The leaders also highlighted that the UAE – home to the International Renewable Energy Agency (IRENA) and host of COP28 in 2023 – will invest USD 2 billion to develop a series of integrated food parks across India that will incorporate state-of-the-art climate-smart technologies to reduce food waste and spoilage, conserve fresh water, and employ renewable energy sources.
It reiterated that India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks. U.S. and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project. These investments will help maximize crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East.
The United Arab Emirates, meanwhile, said that it would invest USD 2 billion in setting up integrated food parks across India. "India will provide appropriate land for the project and will facilitate farmers' integration into the food parks. The US and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project," an I2U2 statement said.
