At the IPEF Forum, Indian government official announced a multi-billion dollar investment target in the renewable energy industry.
On Wednesday, Commerce Secretary Sunil Barthwal stated that India is positioned to attract more than $500 billion in investments by 2030. This investment will concentrate on the clean energy sector, encompassing renewables, green hydrogen, electric vehicles (EVs), and infrastructure shifts.
The statement was made at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum held in Singapore on June 5 and 6.
The forum united investors, clean economy firms, and startups from the region to drive investments into sustainable infrastructure, climate technology, and renewable energy initiatives. Over 300 delegates participated in the 2-day event.
The IPEF bloc, launched on May 23, 2022, in Tokyo by the US and Indo-Pacific partner countries, represents 40% of global economic output and 28% of trade. It’s based on four pillars: trade, supply chains, clean economy, and fair economy. India has joined all but the trade pillar.
Barthwal further recognised the forum as an exceptional platform that united global investors, policymakers, and academia, which would play a crucial role in promoting sustainable infrastructure development in the Indo-Pacific Region. Citing India’s potential, he also emphasised reforms aimed at enhancing the business environment in India, particularly focusing on improvement over the past decade.
The Commerce Ministry noted that four Indian companies (ReNew Power, Avaada Energy Pvt Ltd, Indusbridge Capital Advisors LLP, and Powerica Ltd) were chosen to present their ideas on energy transition, transport and logistics, and waste management to global investors in the event’s sustainable infrastructure category.
Likewise, in the climate tech category, 10 Indian startups and companies (BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures, Kabira Mobility, Batx Energies, Newtrace and Alt Mobility, igrenEnergi, Inc.) were selected to present their innovative ideas and solutions for mitigating or adapting to climate change.
The forum generated $23 billion in investment opportunities for sustainable infrastructure in the Indo-Pacific. The coalition’s members have over $25 billion in capital for emerging market infrastructure investments. The DFC approved an equity investment in the Eversource Climate Investment Partners-II fund, aiming to support innovative companies tackling climate change in India and Southeast Asia.
The event also featured the signing of an agreement between Sembcorp Green Hydrogen India, Kyushu Electric, and Sojitz for the production and export of 200 KTPA (kilo tonnes per annum) green ammonia from India to Japan. Ministers from Singapore and Japan, along with Barthwal, attended the program. This project aligns with India’s National Green Hydrogen Mission, aiming to establish the country as a global hub for green hydrogen production and export.
Other experts see India’s participation in the forum as a significant step that underscores the country’s focus on sustainable development. Nivruti Rai, Managing Director and CEO of Invest India emphasised India’s role as a major contributor to global GDP growth, stressing the importance of investors in advancing vital and thriving sectors.
