The US-India CEO Forum, an organization of 20 chief executives from both countries, has recommended creating a $1bn venture capital fund for clean energy, according to news provider Sify.
Ratan Tata, chairman of India-based conglomerate Tata Group, and David Cote, executive chairman of US peer Honeywell, called for the fund as co-chairs of the forum, which was set up by US President George W Bush and India Prime Minister Manmohan Singh in July 2005.
Tata and Cote said: "Key issues for both countries centre on high dependence on imported hydrocarbons, and inadequate incentives for clean energy. The opportunity is in synergizing R&D (research and development) capabiliites and funding for clean energy and in enhancing energy efficiency."