India Eyes $500B Clean Energy Investment by 2030 at IPEF Forum

India aims for over $500 billion in clean energy investments by 2030, focusing on renewables, green hydrogen, and EVs. Commerce Secretary Barthwal unveiled the plan at the IPEF Forum.

Bhakti Kothari
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India presents global investors the prospect of mega investment worth more than $500 billion by 2030, according to the commerce ministry, specifically in the clean energy value chain that includes renewables, green hydrogen and electric vehicles (EV) and its infrastructure transition.

Commerce Secretary Sunil Barthwal laid out the ambitious plan for India’s future at the two-day Clean Economy Investor Forum of the Indo-Pacific Economic Framework for Prosperity (IPEF), which concluded in Singapore on Thursday. The two-day forum, an inaugural event, saw the participation of several top investors of the Indo-Pacific region, besides heads of investment start-ups dealing in renewable energy ventures and climate technology.

“India offers more than $500 billion, particularly in the clean energy value chain including renewables, green hydrogen and EV and its infrastructure transition, by 2030,” Barthwal said, noting that the forum was an ideal platform to unite global investors, policy makers and academia, and it would help take the sustainable infrastructure movement forward in the Indo-Pacific Region.

During his address at the IPEF forum, Barthwal also underlined several significant reforms initiated by the Indian government over the past decade that has made conducting business in the country a seamless process.

At the event, “four companies from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors”, according to the commerce the ministry. These were ReNew Power, Avaada Energy Private Limited, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Limited. The Indian start-ups and companies selected to pitch ideas in the climate tech track were BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures, Kabira Mobility, Batx Energies, Newtrace and Alt Mobility, and igrenEnergi Inc.

The 14-member IPEF was launched on May 23 in 2022 at Tokyo and, along with India, comprises Australia, Brunei Darussalam, Fiji, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, the United States and Vietnam. In all, IPEF is responsible for 40 per cent of the global economic output and 28 per cent trade, and the forum operates based on the pillars of clean economy, fair economy, trade and supply chains. As an IPEC member, India is part of processes pertaining to clean economy, fair economy and supply chains.

In all, the IPEC forum had led to investment opportunities worth $23 billion for sustainable infrastructure projects in the Indo-Pacific, the commerce ministry informed. According to the forum, its members have more than $25 billion as capital to invest in the Indo-Pacific region.

Meanwhile, the IPEF nations in association with the Private Infrastructure Development Group have announced the operational launch of the IPEF Catalytic Capital Fund, which would provide technical support and concessional financing for clean economy infrastructure ventures in emerging and upper-middle income economies.

At the two-day event, Barthwal along with ministers from Japan and Singapore also signed an offtake agreement according to which India would export green ammonia to Japan. The deal bolsters the National Green Hydrogen Mission’s goal of making India a global centre for the production and export of green hydrogen and similar byproducts.