India, US to boost ties, look for alternatives to fund energy transition

India and the US on Monday committed to strengthening bilateral ties and actively pursue the G20 agenda, which includes taking coordinated action to deal with climate change and look forward to alternate mechanisms to fund energy transition.

Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held bilateral meetings on the sidelines of the G20 finance ministers and central bank governors meeting here.

Sitharaman, in her statement, expressed commitment to strengthening bilateral ties and looked forward to new investment opportunities through alternate investment platforms for renewable energy.

The US and India's collaboration spans across a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalysing the clean energy transition, Yellen said.

"In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India's energy transition," Yellen said.

The US Treasury Secretary also appreciated India's focus on finalizing the "historic Two-Pillar global tax deal". "I believe that we are close to reaching an agreement," Yellen added.