I2U2 leaders' summit highlights investments in renewable energy, food parks in India

Representative image. File photo of workers cleaning photovoltaic panels inside a solar power plant in Gujarat.

The I2U2 nations (India, Israel, the US and the UAE) will advance a 300-megawatt (MW) hybrid renewable energy project in Gujarat while the UAE steps up its planned $2 billion investments into developing a series of integrated food parks across India, a joint statement issued after the inaugural summit of I2U2 leaders, has said.

The first-ever meeting of I2U2 leaders on July 14 was held virtually and focused on the food security crisis and clean energy. The four nations have been tightening their diplomatic and economic ties over the past few years.

The I2U2 leaders have committed to advancing low-carbon industries and promoting the development of critical emerging and green technologies, all while ensuring near- and long-term food and energy security.

The Gujarat project will consist of wind and solar capacity complemented by a battery energy storage system and has 'the potential to make India a global hub for alternate supply chains in the renewable energy sector', the joint statement said.

The US Trade and Development Agency has funded a feasibility study for the $330 million project while UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners, it added. India has committed to a goal of achieving 500 GW of non-fossil fuel capacity by 2030.

On food security, the statement highlighted that the UAE will invest $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. The UAE is home to the International Renewable Energy Agency (IRENA) and the host of global climate change summit COP28 in 2023

"India will provide appropriate land for the project and will facilitate farmers’ integration into the food parks. 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," the statement read.

These investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East, it stressed.

Food security, green tech

Prime Minister Narendra Modi, US President Joe Biden, Israeli Prime Minister Yair Lapid, and UAE President Mohammed bin Zayed Al Nahyan also committed to mobilising private sector capital to modernise infrastructure, explore joint financing opportunities and connect startups in the four countries to I2U2 investments.

Improving public health and access to vaccines, advancing physical connectivity between countries in the Middle East region and jointly creating new solutions for waste treatment also figured in the joint statement.