India did not sign fair and clean economy agreements at IPEF as domestic approval processes are still under way.
New Delhi: India has substantial investment opportunities totalling over $500 billion by 2030, particularly in the clean energy value chain, including renewables, green hydrogen, electric vehicles (EV), and infrastructure transition, commerce secretary Sunil Barthwal said.
He was addressing the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore.
Fair and clean economy
During the IPEF forum, 13 IPEF members signed fair and clean economy agreements, while India will sign the deal after getting domestic approval.
India did not sign these agreements as domestic approval processes are still underway but these will be completed after the formation of the new government, said the commerce ministry in a statement.
The Lok Sabha elections got over this week.
These agreements, talks for which concluded in November last year, were signed in Singapore in the presence of trade ministers and senior officials of the 14-member countries in the ministerial meet. The Indian delegation was led by Barthwal.
The IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on 23 May, 2022, in Tokyo. Together, they account for 40% of the world’s economic output and 28% of trade.
Framework on four pillars
The framework is structured around four pillars – trade, supply chains, clean economy and fair economy. India has joined all the pillars except trade.
The bloc comprises Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam.
The Indian delegation highlighted key reforms introduced around ease of doing business in India to improve the business environment over the last decade.
In the sustainable infrastructure track, four Indian companies were shortlisted after the screening process to pitch their concepts to global investors.
These companies are ReNew Power, Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP, SEIP (Founder), and Powerica Limited, the commerce ministry said.
The agreement on a clean economy aims to accelerate the efforts of IPEF partners towards achieving energy security and transition, enhancing climate resilience and adaptation, and mitigating greenhouse gas (GHG) emissions, it said.
It seeks to find and develop innovative ways to reduce dependence on fossil fuels, promote technical cooperation, workforce development, capacity building, and research collaborations, the ministry’s statement said.
Additionally, the agreement focuses on collaborating to facilitate the development, access, and deployment of clean energy and climate-friendly technologies, it said.
