UAE to invest $2 billion in India's climate-smart food parks

This is a joint statement from the leaders of India, Israel, the UAE, and the United States (I2U2) announcing their first meeting to address global challenges through joint investments in water, energy, transportation, space, health, and food security. The leaders committed to mobilizing private sector capital for infrastructure modernization, low-carbon development, and improved public health.

Who it concerns: The agreement involves the governments of India, Israel, the UAE, and the United States. It specifically affects the private sectors of the U.S. and Israel (invited for expertise), UAE-based companies (as potential investment partners), and Indian companies (keen to participate). Key sectors include agriculture, renewable energy, and technology. Specific entities mentioned include the U.S. Trade and Development Agency, the International Renewable Energy Agency (IRENA), and the Agriculture Innovation Mission for Climate (AIM for Climate).

What was agreed

• UAE will invest $2 billion USD to develop integrated food parks in India using climate-smart technologies.
• India will provide land for the food parks and facilitate farmer integration.
• U.S. and Israeli private sectors will be invited to provide expertise and innovative solutions for the food parks.
• A hybrid renewable energy project in Gujarat, India, consisting of 300 MW of wind and solar capacity plus battery storage.
• The renewable energy project has a value of $330 million USD, with a feasibility study funded by the U.S. Trade and Development Agency.
• UAE-based companies are exploring opportunities to serve as knowledge and investment partners for the energy project.
• India expressed interest in joining the Agriculture Innovation Mission for Climate (AIM for Climate) initiative.
• The grouping aims to support India's goal of achieving 500 GW of non-fossil fuel capacity by 2030.

Also in the document

• A specific $2 billion USD investment by the UAE for food parks in India.
• A specific $330 million USD renewable energy project in Gujarat involving wind, solar, and battery storage.
• Reaffirmation of support for the Abraham Accords and the Negev Forum for regional cooperation.
• India's stated goal of 500 GW of non-fossil fuel capacity by 2030 is linked to the renewable energy initiatives.