USD 23 Billion Sustainable Infra Projects at IPEF Forum

New Delhi, June 6 (PTI) As many as 69 sustainable infrastructure projects worth over USD 23 billion of investment opportunities were identified at the Indo-Pacific Economic Framework for Prosperity (IPEF) clean economy investor forum meet in Singapore, according to a statement.

The statement of Singapore's ministry of trade and economy, which hosted the meet, out of the 69 projects, 20 investment-ready projects worth about USD 6 billion were presented to investors at business matching sessions.

Remaining projects worth about USD 17 billion were also identified as potential investment opportunities in future.

The forum brought together about 300 participants from the Indo-Pacific region's top investors, cutting-edge project proponents, innovative start-up entrepreneurs, ministers and senior government officials.

The Indian delegation was led by Commerce Secretary Sunil Barthwal.

Organised by Singapore's ministry alongside the 13 other IPEF partners, the forum aims to facilitate high-quality business and capital matching and build connections between the public and private sectors through insightful conversations with expert panelists.

It is a key initiative to advance the objectives of the IPEF Clean Economy Agreement, by mobilising financing in support of the development and deployment of clean energy and climate-friendly infrastructure and technologies in the IPEF economies.

The 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade.

The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade.

Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc.

"A total of 69 sustainable infrastructure projects amounting to over USD 23 billion of investment opportunities were identified at the Investor Forum," the statement said.

All IPEF partners were invited to nominate sustainable infrastructure projects through a process facilitated by PwC Singapore.

The 20 investment-ready projects are in diverse areas including industrial parks, special economic zones, energy, agriculture and aquaculture, waste management, water and transport sectors, and were nominated by Brunei, Fiji, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, and Thailand.

It added that the 14 countries announced new funding and projects at the forum to pursue investments in the clean economy.

Australia, Japan, Korea and the US announced the operational launch of an IPEF Catalytic Capital Fund, which is pooling resources to expand the pipeline of bankable clean economy infrastructure projects.

"Japan will launch the Hydrogen Fund which aims to leverage private financing in strengthening cross-border hydrogen supply chains," it said adding the fund will also establish an "IPEF window" to deploy funding for activities undertaken in the region.

It is scheduled to start operations by the third quarter of this year.

DFC's (Development Finance Corporation) Board has also approved an equity investment as part of the USD 900 million Eversource Climate Investment Partners-II fund, which will provide capital, management, and expertise to innovative companies using new and existing capabilities to address climate change in India and Southeast Asia.