
India actively participated in the first Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, showcasing its commitment to sustainable infrastructure and climate technology.
- The forum aimed to mobilise investments in these sectors within the Indo-Pacific region.
Key Highlights:
- Investment Opportunities: India highlighted investment opportunities exceeding $500 billion by 2030, particularly in clean energy, green hydrogen, and electric vehicles.
- Indian Companies: More than 25 Indian companies, including startups, presented their projects to over 100 global investors.
- Key Reforms: India emphasised its efforts to improve the business environment and ease of doing business over the last decade.
- Catalytic Capital Fund: The IPEF Catalytic Capital Fund was launched, with initial support from several countries, to catalyse investments in clean energy infrastructure projects in emerging markets.
- Offtake Agreement: An agreement was signed for the production and export of green ammonia from India to Japan, supporting India's National Green Hydrogen Mission.
Significance:
- The forum served as a platform for Indian companies to secure funding and collaborate with international investors in clean technology and infrastructure development.
- This aligns with India's goal of achieving net-zero emissions by 2070 and reinforces its position as a key player in the global transition towards a clean economy.
About IPEF:
- It is an economic initiative launched by the US President on May 23, 2022.
- IPEF has 14 members, including India.
- IPEF aims to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for member economies.
- The framework goes beyond traditional free trade agreements and addresses issues like supply chains, clean energy, decarbonization, infrastructure, tax, and anti-corruption.
- IPEF has 4 pillars of cooperation: Trade, Supply Chain, Clean Economy, and Fair Economy.
- India is not part of the trade pillar.
Clean Economy Investor Forum:
- The IPEF Clean Economy Investor Forum is an initiative under the IPEF.
- It brings together investors, philanthropies, financial institutions, companies, startups, and entrepreneurs in the region.
- The forum aims to mobilize investments into sustainable infrastructure, climate technology, and renewable energy projects.
Nodal Agency and Management:
- The Department of Commerce is the nodal agency for IPEF engagements.
- The IPEF Clean Economy Investor Forum is managed by Invest India, India's national investment promotion agency.
Indo-Pacific Strategy:
- The Indo-Pacific Strategy is a comprehensive approach by the United States to promote a free and open Indo-Pacific region.
- It aims to counter China's assertiveness, advance the US relationship with India, and support India's role as a net security provider.
- The strategy involves building collective capacity, promoting economic cooperation, and enhancing maritime security.