Biden along with Modi also announced the launch of the Global Biofuels Alliance on the sidelines of the G20 Summit on Saturday.
A total of 19 countries and 12 international organisations have so far agreed to join the alliance, including both G20 members and non-member countries.
India, Brazil and the US are the founding members of the alliance.
Apart from this, Biden was also present during the announcement of the launch of the India-Middle East-Europe economic corridor.
The first-of-its-kind economic corridor will be a historic initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US.
The summit has been attended by more than 30 heads of state and top officials from the European Union, invited guest countries, and 14 heads of international organisations.
The theme of this year's G20 Summit, which is taking place under India's presidency, is "Vasudhaiva Kutumbakam," or "One Earth · One Family · One Future," - which is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life-human, animal, plant, and microorganism-and their interconnectedness on the planet Earth and in the wider universe.