Consider the following statements regarding 39 Partnership to Advance Clean Energy PACE 39 1 The agr...........

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Consider the following statements regarding 'Partnership to Advance Clean Energy (PACE)'

1) The agreement between India and US for the development of environment friendly energy resources.

2) The programme aims at enhancing research facilities in the field of clean energy.

Which of the given above statement (s) is/are correct?

1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Both the statements are correct.

India and the United States of America signed a Memorandum of Understanding (MoU) on Cooperation to Establish the PACESetter Fund – A fund to support the Promoting Energy Access Through Clean Energy (PEACE) track of the U.S.-India Partnership to Advance Clean Energy (PACE) to accelerate the commercialization of off-grid clean energy through early-stage grant funding grants to develop and test innovative products, systems, and business models
India-U.S. corpus of about Rs.500 Million ($8 Million U.S. Dollars) have been drawn on 50:50 sharing basis.

Under this, a Steering Committee comprising the Secretary of the Ministry of New and Renewable Energy and the United States Ambassador to India, and three representatives from each side has been constituted.