Biden talks joint investment with Israel, India, UAE
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Private firms from Israel and the US will be invited to also finance the scheme.
An Indian solar and wind energy project was also discussed in Jerusalem.
Biden joined the summit before speaking alongside Israeli Prime Minister Yair Lapid, during which the president said he wants to secure US interests in the Middle East.
"I want to make clear that we can continue to lead in the region and not create a vacuum, a vacuum that is filled by China, and or Russia, against the interest of both Israel and the United States, and many other countries," Biden said.
The president departs for Saudi Arabia on Friday, following talks with Palestinian president Mahmud Abbas in the occupied West Bank.