India signs clean and fair economy agreements under IPEF
ECONOMY & POLICY

India signs clean and fair economy agreements under IPEF

India has signed key agreements on the Clean Economy and Fair Economy under the Indo-Pacific Economic Framework (IPEF) on 21 September 2024, during Prime Minister Narendra Modi's visit to Delaware, USA, for the Quad Summit. The signing of these agreements is seen as a significant move towards promoting green technology, energy transition, and anti-corruption initiatives, reinforcing India's role in the economic development of the Indo-Pacific region.

The Clean Economy Agreement, part of Pillar-III of IPEF, focuses on enhancing technical cooperation, workforce development, and investment in climate-friendly technologies. It also facilitates project financing and the development of joint collaborative projects, with a particular focus on MSMEs and integrating Indian companies into global value chains. The agreement includes initiatives like the IPEF Catalytic Capital Fund and the IPEF Accelerator, aimed at supporting green energy and improving climate resilience. Meanwhile, the Fair Economy Agreement, under Pillar-IV, aims to increase transparency and predictability in trade and investment within the Indo-Pacific. Its focus includes combating corruption, improving tax transparency, and supporting asset recovery. The agreement is expected to aid India's efforts to curb money laundering and terrorism financing, while also strengthening cross-border investigations and tax administration.

A government official at the event reportedly stated that these IPEF agreements would drive investment in clean technologies and bolster India's efforts in combating corruption and ensuring transparency in the Indo-Pacific region.

Additionally, an overarching IPEF Agreement was signed to establish a high-level ministerial oversight framework, guiding the implementation of the IPEF agreements and fostering long-term cooperation. This agreement aligns with India's Atmanirbhar Bharat vision by strengthening productive capacity, integrating supply chains, and promoting innovation.

Earlier in 2024, India had ratified the Supply Chain Resilience Agreement under Pillar-II, and with the signing of the Clean and Fair Economy agreements, the country is now fully engaged with IPEF's economic pillars, while maintaining observer status in the Trade Agreement (Pillar-I).

The Clean Economy Agreement is expected to boost investment through platforms such as the IPEF Catalytic Capital Fund, which has received an initial contribution of USD 33 million from Australia, Japan, Korea, and the USA. Additionally, the PGI Investment Accelerator has secured USD 300 million from the US International Development Finance Corporation (DFC) to support energy transition and climate investments.

India's involvement in IPEF, which was launched in May 2022, aims to promote economic cooperation and stability across 14 countries in the Indo-Pacific, with a strong focus on advancing growth and prosperity.

India has signed key agreements on the Clean Economy and Fair Economy under the Indo-Pacific Economic Framework (IPEF) on 21 September 2024, during Prime Minister Narendra Modi's visit to Delaware, USA, for the Quad Summit. The signing of these agreements is seen as a significant move towards promoting green technology, energy transition, and anti-corruption initiatives, reinforcing India's role in the economic development of the Indo-Pacific region. The Clean Economy Agreement, part of Pillar-III of IPEF, focuses on enhancing technical cooperation, workforce development, and investment in climate-friendly technologies. It also facilitates project financing and the development of joint collaborative projects, with a particular focus on MSMEs and integrating Indian companies into global value chains. The agreement includes initiatives like the IPEF Catalytic Capital Fund and the IPEF Accelerator, aimed at supporting green energy and improving climate resilience. Meanwhile, the Fair Economy Agreement, under Pillar-IV, aims to increase transparency and predictability in trade and investment within the Indo-Pacific. Its focus includes combating corruption, improving tax transparency, and supporting asset recovery. The agreement is expected to aid India's efforts to curb money laundering and terrorism financing, while also strengthening cross-border investigations and tax administration. A government official at the event reportedly stated that these IPEF agreements would drive investment in clean technologies and bolster India's efforts in combating corruption and ensuring transparency in the Indo-Pacific region. Additionally, an overarching IPEF Agreement was signed to establish a high-level ministerial oversight framework, guiding the implementation of the IPEF agreements and fostering long-term cooperation. This agreement aligns with India's Atmanirbhar Bharat vision by strengthening productive capacity, integrating supply chains, and promoting innovation. Earlier in 2024, India had ratified the Supply Chain Resilience Agreement under Pillar-II, and with the signing of the Clean and Fair Economy agreements, the country is now fully engaged with IPEF's economic pillars, while maintaining observer status in the Trade Agreement (Pillar-I). The Clean Economy Agreement is expected to boost investment through platforms such as the IPEF Catalytic Capital Fund, which has received an initial contribution of USD 33 million from Australia, Japan, Korea, and the USA. Additionally, the PGI Investment Accelerator has secured USD 300 million from the US International Development Finance Corporation (DFC) to support energy transition and climate investments. India's involvement in IPEF, which was launched in May 2022, aims to promote economic cooperation and stability across 14 countries in the Indo-Pacific, with a strong focus on advancing growth and prosperity.

Next Story
Infrastructure Urban

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Next Story
Infrastructure Urban

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Next Story
Infrastructure Energy

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement