India offers substantial investment opportunities worth USD 500 billion in the clean energy value chain, including renewables, green hydrogen, and electric vehicles (EVs) by 2030.
Jun 7, 2024
As the country moves ahead to achieve its target of fulfilling at least half of its energy requirements via renewable energy by 2030, India offers investment opportunities worth USD 500 billion in clean energy by the same period.
This information was shared by the Union Ministry of Commerce, while participating in the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore.
Representing India at the forum with an aim to attract investments in sustainable infrastructure, climate technology and renewable energy projects, Commerce Secretary Mr. Sunil Barthwal said that substantial investment opportunities were available in the country, particularly in the clean energy sector, including renewables, green hydrogen, and electric vehicles (EVs).
He further highlighted key reforms around ease of doing business in India to improve business environment over the last decade.
Mr. Barthwal acknowledged the forum being a unique platform that brought global investors, policy makers, clean economy companies, startups and academia under one roof, which would prove instrumental in exploring investment prospects in sustainable infrastructure, climate technology and renewable energy projects in the Indo-Pacific region.
Over 300 participants from financial institutions, multilateral development banks, venture capital funds, project owners, entrepreneurs, and government agencies actively engaged in discussions and presentations during the event, which resulted in investment opportunities worth USD 23 billion for sustainable infrastructure projects in the Indo-Pacific region.
The launch of the IPEF Catalytic Capital Fund, supported by founding members such as Australia, Japan, Korea, and the US, aimed to facilitate quality, resilient, and inclusive clean economy infrastructure projects in emerging economies. Besides, a coalition of investors, including Singapore’s Temasek and GIC, committed USD 25 billion to infrastructure investments in emerging markets.
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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 the 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.
