India invites IPEF countries to invest in clean economy domain

“The Fund’s founding supporters include Australia, Japan, the Republic of Korea, and the US,” the commerce and industry ministry said in a statement.

The statement was issued after commerce and industry minister Piyush Goyal met US Secretary of Commerce Gina Raimondo, Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, along with the ministers from the other IPEF partners, in their first this year.

“These funds will be instrumental in catalyzing up to $3.3 billion in private investment for climate infrastructure projects in IPEF economies party to the IPEF Clean Economy Agreement,” it said.

The will administer and leverage the fund to deploy concessional financing, technical assistance, and capacity building support to expand the pipeline of high quality, resilient, and inclusive climate infrastructure projects.

India has also proposed certain specific and is working with IPEF partners for their early adoption, according to the statement.

The IPEF has 14 countries including India, Australia, the US, Japan, Fiji, South Korea, New Zealand, Singapore and Thailand, representing 40% of global gross domestic product and 28% of the global trade in goods and services. The IPEF is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues such as tax and anti-corruption). India has joined all the pillars except the trade one.

As per the statement, the IPEF partners also discussed next steps to deliver concrete outcomes under the framework over the next several months.

This includes several new lines of effort under the Clean Economy pillar, including the launching of four new Cooperative Work Programs (CWPs), and announcing that the inaugural IPEF Clean Economy Investor Forum will be held in Singapore on June 5-6, 2024.