India offers investment opportunities worth over $500 billion in clean energy, other sectors by 2030

In an encouraging move, the commerce ministry has said India offers huge investment opportunities worth over $500 billion, particularly in clean energy value chain including renewables, green hydrogen and EV, by 2030. India attended the two-day meet of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum. The meeting brought together the region's top investors, clean economy companies, and start-ups to mobilise 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 per cent of the world's economic output and 28 per cent 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.

Commerce Secretary Sunil Barthwal has acknowledged the forum as a unique platform that brought global investors, policy makers, and academia under one roof, which would be instrumental in advancing sustainable infrastructure in the Indo-Pacific Region. The secretary underlined the huge investment opportunities that 'India offers of more than $500 billion, particularly in the clean energy value chain including renewables, green hydrogen and EV and its infrastructure transition, by 2030'. He also highlighted key reforms around ease of doing business in India to improve business environment over the last decade.

The ministry said in the sustainable infrastructure track, after the screening, ‘four companies (ReNew Power, Avaada Energy, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica) from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors’. Similarly, in the climate tech track, 10 Indian startups and companies (BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures, Kabira Mobility, Batx Energies, Newtrace and Alt Mobility, igrenEnergi, Inc.) were selected to pitch their innovative ideas, technologies and solutions that contribute to mitigating or adapting to climate change. Further, the ministry said that the forum resulted in $23 billion investment opportunities for sustainable infrastructure projects in the Indo-Pacific.