Both Prime Minister Narendra Modi and President Barack Obama, during their summit-level talks, welcomed the firming up of the pact between the Export-Import Bank and the Indian Renewable Energy Development Agency which will also pave way for boosting US renewable energy exports to India.

The two leaders have also agreed to a "new and enhanced strategic partnership" on energy security, clean energy, and climate change while recognising the critical importance of reducing greenhouse gas emissions and improving resilience in the face of climate change.

"The leaders welcomed the conclusion of a Memorandum of Understanding between the Export-Import Bank and the Indian Renewable Energy Development Agency which would make up to USD 1 billion in financing available to bolster India's efforts to transition to a low-carbon and climate-resilient energy economy," a joint statement issued after the meeting said.

Obama and Modi also agreed to strengthen and expand the "highly successful" US-India Partnership to Advance Clean Energy (PACE) through a series of priority initiatives, including a new Energy Smart Cities Partnership to promote efficient urban energy infrastructure.

Some other initiatives finalised at the meeting include a new programme to scale-up renewable energy integration into India's power grid and formation of a new Clean Energy Finance Forum to promote investment and trade in clean energy projects.

Both leaders are committed to working towards a successful outcome in Paris in 2015 of the conference of the UN Framework Convention on Climate Change (UNFCCC), including the creation of a new global agreement on climate change.

"The leaders recalled previous bilateral and multilateral statements on the phase-down of hydrofluorocarbons (HFCs).

"They recognised the need to use the institutions and expertise of the Montreal Protocol to reduce consumption and production of HFCs, while continuing to report and account for the quantities reduced under the UNFCCC," the statement said.

It said both the countries launched a new US-India Partnership for Climate Resilience to advance capacity for climate adaptation planning, and a new programme of work on air quality.

The two leaders reiterated the importance of conserving India's precious biodiversity and agreed to explore opportunities for collaboration on national parks and wildlife conservation.

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