India signs IPEF agreements, targets Rs 1.91 trillion in green investments

24 Sep 2024 CW Team

India signed important agreements related to Clean Economy and Fair Economy as part of the Indo-Pacific Economic Framework (IPEF) during Prime Minister Narendra Modi's visit to Delaware, USA, for the Quad Summit. This signing represents a significant advancement in promoting green technology, energy transition, and anti-corruption initiatives, further solidifying India’s role in the economic development of the Indo-Pacific region.

The Clean Economy Agreement, which falls under Pillar III of IPEF, aims to enhance technical cooperation, workforce development, and investment in climate-friendly technologies. Additionally, the agreement facilitates project financing and collaborative projects, particularly targeting micro, small, and medium enterprises (MSMEs) to help Indian companies better integrate into global value chains. These initiatives include the IPEF Catalytic Capital Fund and the IPEF Accelerator, both designed to support green energy and climate resilience.

Earlier this year, during the Investor Forum held in Singapore, IPEF partners identified investment opportunities totalling Rs 1.91 trillion infrastructure projects, which included Rs 332 billion from India, primarily directed towards renewable energy. Furthermore, Singapore-based Sembcorp has committed Rs 362.38 billion to establish a green ammonia plant in Thoothukudi.

The Fair Economy Agreement, under Pillar IV, is intended to enhance transparency and predictability in trade and investment across the Indo-Pacific region. It emphasizes efforts to combat corruption, improve tax transparency, and facilitate asset recovery. This agreement will bolster India’s initiatives to combat money laundering and terror financing while also strengthening cross-border investigations and tax administration.

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