India Unveils $500 Billion Investment Opportunities in Clean Energy
India has identified substantial investment opportunities totaling over $500 billion by 2030 in the clean energy value chain, according to Commerce Secretary Sunil Barthwal. These opportunities lie in areas such as renewables, green hydrogen, electric vehicles (EVs), and infrastructure transition.
Barthwal addressed the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore, highlighting the country’s commitment to a fair and clean economy. While 13 IPEF members signed these agreements, India will complete its domestic approval processes and finalize the agreement after the formation of the new government.
These agreements, which were initially discussed in November 2022, were signed in Singapore by trade ministers and senior officials from 14 member countries. The Indian delegation was led by Barthwal.
Launched in Tokyo in May 2022 by the US and other partner countries of the Indo-Pacific region, the IPEF bloc represents 40% of the world’s economic output and 28% of trade.
The IPEF framework is structured around four pillars: trade, supply chains, clean economy, and fair economy. India has joined all pillars except trade.
The Indian delegation emphasized key reforms introduced over the last decade to improve the business environment in India, particularly in terms of ease of doing business.
In the sustainable infrastructure track, four Indian companies were shortlisted to pitch their concepts to global investors after a screening process. These companies are ReNew Power, Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP, SEIP (Founder), and Powerica Limited.
The clean economy agreement aims to accelerate the efforts of IPEF partners towards achieving energy security, enhancing climate resilience, and mitigating greenhouse gas emissions. It seeks to explore innovative ways to reduce dependence on fossil fuels, promote technical cooperation, workforce development, capacity building, and research collaborations.
Additionally, the agreement focuses on collaborating to facilitate the development, access, and deployment of clean energy and climate-friendly technologies.
This announcement highlights India’s commitment to promoting sustainable growth and attracting foreign investment in its clean energy sector.
