Ministry of Commerce India has investment opportunities worth more than $500 billion by 2030 in the clean energy value chain, including renewable energy, green hydrogen and electric vehicles, on Thursday. Commerce Secretary Sunil Barthwal, who is in Singapore to attend the two-day meeting of the Clean Economy Investor Forum of the ‘Indo-Pacific Economic Framework for Prosperity’ (IPEF), said this. Barthwal, at the inauguration of the IPEF Clean Economy Investor Forum, termed it a unique platform that has brought together global investors, policymakers and academics and will be helpful in advancing sustainable infrastructure in the Indo-Pacific region.
Huge investment opportunities exist
Addressing the forum, the secretary said, “India has huge investment opportunities worth over USD 500 billion by 2030, especially in the clean energy value chain, including renewable energy, green hydrogen and electric vehicles.” Barthwal also spoke about the major reforms undertaken in the last decade to improve the business environment in India and to improve the ease of doing business. Further, the ministry said that the forum resulted in the creation of investment opportunities worth USD 23 billion for sustainable infrastructure projects in the Indo-Pacific region.
14 members of IPEF
The IPEF meeting began on Wednesday. It brings together the region’s top investors, clean economy companies and start-ups to mobilize investments in sustainable infrastructure, climate technology and renewable energy projects. The two-day event was attended by more than 300 participants from financial institutions, multilateral development banks, venture capital funds, project owners, entrepreneurs and government agencies of IPEF partners actively engaged in sustainable infrastructure and climate technology engagement. IPEF has 14 members.
It was launched in Tokyo
It was jointly launched in Tokyo on 23 May 2022 by the US and other partner countries in the Indo-Pacific region. Its member countries represent 40 percent of the world’s economic output and 28 percent of trade. The framework is built around four pillars related to trade, supply chain, clean economy and fair economy. India is included in all the pillars except trade.
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