India Participates in The IPEF Clean Economy Investor Forum

India Participates in The IPEF Clean Economy Investor Forum

11-06-2024

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.

  1. The forum aimed to mobilise investments in these sectors within the Indo-Pacific region.

Key Highlights:

  1. Investment Opportunities: India highlighted investment opportunities exceeding $500 billion by 2030, particularly in clean energy, green hydrogen, and electric vehicles.
  2. Indian Companies: More than 25 Indian companies, including startups, presented their projects to over 100 global investors.
  3. Key Reforms: India emphasised its efforts to improve the business environment and ease of doing business over the last decade.
  4. 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.
  5. 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:

  1. The forum served as a platform for Indian companies to secure funding and collaborate with international investors in clean technology and infrastructure development.
  2. 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:

  1. It is an economic initiative launched by the US President on May 23, 2022.
  2. IPEF has 14 members, including India.
  3. IPEF aims to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for member economies.
  4. The framework goes beyond traditional free trade agreements and addresses issues like supply chains, clean energy, decarbonization, infrastructure, tax, and anti-corruption.
  5. IPEF has 4 pillars of cooperation: Trade, Supply Chain, Clean Economy, and Fair Economy.
  6. India is not part of the trade pillar.

Clean Economy Investor Forum:

  1. The IPEF Clean Economy Investor Forum is an initiative under the IPEF.
  2. It brings together investors, philanthropies, financial institutions, companies, startups, and entrepreneurs in the region.
  3. The forum aims to mobilize investments into sustainable infrastructure, climate technology, and renewable energy projects.

Nodal Agency and Management:

  1. The Department of Commerce is the nodal agency for IPEF engagements.
  2. The IPEF Clean Economy Investor Forum is managed by Invest India, India's national investment promotion agency.

Indo-Pacific Strategy:

  1. The Indo-Pacific Strategy is a comprehensive approach by the United States to promote a free and open Indo-Pacific region.
  2. It aims to counter China's assertiveness, advance the US relationship with India, and support India's role as a net security provider.
  3. The strategy involves building collective capacity, promoting economic cooperation, and enhancing maritime security.

 

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