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The I2U2 nations –India, Israel, the US and the UAE– are set to contribute significantly to enhancing energy security, food security and economic growth at the global level by jointly increasing investments in areas such as water, energy, environment, space, health and food, Prime Minister Narendra Modi has said.
“It is clear that `I2U2’ vision and agenda is progressive and practical. We need to mobilise our mutual strengths in the areas of capital, expertise and markets, to lend pace to the agenda and contribute to the global economy,” Modi said at the first-ever I2U2 virtual summit on Thursday.
The summit was also attended by US President Joe Biden, Israel PM Yair Lapid, and UAE President Mohammed bin Zayed Al Nahyan.
Tackling challenges
This unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security, according to the joint statement issued by the I2U2 leaders after the summit.
“We intend to mobilise private sector capital and expertise to modernise infrastructure, advance low carbon development pathways for our 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 our start-ups to I2U2 investments, and promote the development of critical emerging and green technologies, all while ensuring near- and long-term food and energy security,” it said.
Renewable energy
The I2U2 Group will advance a hybrid renewable energy project in Gujarat consisting of 300 MW of wind and solar capacity complemented by a battery energy storage system, according to highlights of the meetings put up by the White House.
The US Trade and Development Agency funded a feasibility study for the $330-million project. 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. 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,” the highlights pointed out.
The leaders expressed their determination to leverage well-established markets to build more innovative, inclusive, and science-based solutions to enhance food security and sustainable food systems. They also welcomed India’s interest in joining the United States, the UAE, and Israel in the Agriculture Innovation Mission for Climate initiative (AIM for Climate), the joint statement added.
“These are only the first steps in a long-term strategic partnership to promote initiatives and investments that improve the movement of people and goods across hemispheres, and increase sustainability and resilience through collaborative science and technology partnerships,” it said.
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