The government of India is highly optimistic about the dynamic growth of the renewable energy sector. This statement is highlighted by the new initiative by the Indian government as they recently announced at the IPEF Forum about the multi-billion dollar investment target in the clean energy sector.

At the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum held in Singapore on June 5 and 6, the commerce secretary Sunil Barthwal, announced the significant investment by the government in the clean energy sector. The forum was help for two days and more than 300 delegates participated in the event.

About the IPEF Forum

• The IPEF Bloc was launched on 22nd May 2022 in Tokyo by the US and Indo-Pacific countries.
• This forum represents 40% of global economic output and 28% of trade.
• Many investors, clean energy industry companies, and other start-ups of the contributing regions were invited to stimulate investment in sustainable infrastructure, technology, and clean energy activities
• The IPEF is based on four pillars – trade, supply chains, clean economy, and fair economy.
• India is contributing to all the pillars except the trade pillar.

What are India’s Investment Goals in Renewable Energy?

• Recently at IPEF, Commerce Secretary Sunil Barthwal confirmed that India is in the state to grasp around $500 Billion in investment by 2030.
• This sustainable investment will contribute to diverse industries in the clean energy sector such as – Electronic Vehicles, green hydrogen, infrastructure, etc.
• Barthwal has recognized the platform as a crucial space to unite investors and academia from various clean energy industries, highlighting India’s future potential and contribution in the same sector.
• The commerce ministry recognized four Indian companies – ReNew Power, Avaada Energy Pvt Ltd, Indusbridge Capital Advisors LLP, and Powerica Ltd. They were chosen to represent their thoughts on future energy potential, transport, and others in the event’s sustainable infrastructure section.
• Bharthwal in his speech, addressed India’s reforms that aim to emphasize energy production, and how the business environment in India has improved in the past decade.

Innovation in Indian Business Environment: Companies & Startups

• The commerce ministry has recognized the big four Indian companies in the clean energy sector and has offered the required support to establish themselves globally.
• Along with these big 4 companies, 10 new Indian startups were recognized and were selected to present their progressive ideas and innovations for mitigating the climate change and adopt a new lifestyle.
• These 10 Indian startups were – BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures, Kabira Mobility, Batx Energies, Newtrace and Alt Mobility, igrenEnergi, Inc.

Future Investment Opportunites Enhanced at the Forum

• A significant achievement in the development and business was observed in the forum.
• The forum generated $23 Billion in investment opportunities in the Indo-Pacific region. This was done to leverage the sustainable infrastructure.
• Infrastructure investment of over $25 Billion in capital for the emerging market is made by the coalition’s member
• An equity investment in the Eversource Climate Investment Partners-II fund was approved by DSC to support start-ups and innovative companies to tackle climate change in India and South-East Asia.
• Following this, an agreement was signed between Sembcorp Green Hydrogen India, Kyushu Electric, and Sojitz to produce and export 200 KTPA (kilo tonnes per annum) green ammonia from India to Japan.
• This initiative of the project was undertaken to align with India’s National Green Hydrogen mission, with an aim to establish the country as a green hydrogen hub for future investment and growth.

What is India’s Role in Global Sustainable Development?

• India is a highly progressive country and takes every step into account to support sustainable growth and curb the increasing climate issue.
• Expert has announced India’s participation in the growing climate change activities, as a significant step to curb the country’s dependency on conventional energy resources.
• This is a big leap towards the sustainable development initiative and the country’s progress in the clean energy sector.
• Nivruti Rai, Managing Director and CEO of Invest India, emphasizes India’s contribution in the clean energy industry as a significant mark and recognizes India as the major contributor to global GDP.
• This emphasize the investors to invest in these sectors and highlights the importance of investment in these clean energy sectors.

Takeaway

The IEPF Forum in Singapore highlighted India’s ambitious goal toward sustainable growth and development and to attract $500 Billion inestment by 2030. These efforts mark as a milestone of advancement towards India’s clean energy ambition. The nation wants to reinforce its position as a major contributor to global economic growth.