Virendra Pandit
New Delhi: India is offering investors massive opportunities worth more than USD 500 billion, particularly in the clean energy value chain including renewables, green hydrogen, and EVs, by 2030.
Union Commerce Secretary Sunil Barthwal revealed this in Singapore during the two-day meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, the media, quoting the Union Commerce Ministry, reported on Thursday.
“India offers opportunities worth more than $500 billion, particularly in the clean energy value chain including renewables, green hydrogen, and EVs and its infrastructure transition, by 2030,” he said.
Acknowledging the forum as a unique platform, that brought together global investors, policymakers, and academia, he said it would be instrumental in advancing sustainable infrastructure in the Indo-Pacific Region (IPR).
Barthwal also highlighted key reforms around ease of doing business in India to improve the business environment over the last decade.
The meeting, which started on Wednesday, brought on the same page the region’s top investors, clean economy companies, and start-ups to mobilize investments into sustainable infrastructure, climate technology, and renewable energy projects.
The 14-member IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 percent of the world’s economic output and 28 percent of trade.
The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy. India has joined all the pillars, except trade.
Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc.
More than 300 participants from financial institutions, multilateral development banks, venture capital funds, project owners, entrepreneurs, and government agencies from IPEF partners participated in the sustainable infrastructure and climate tech engagement tracks.
In the sustainable infrastructure track, after the screening, “four companies (ReNew Power, Avaada Energy Pvt Ltd, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Ltd) from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors,” the ministry said.