First IPEF Clean Economy Investor Forum meeting Held in Singapore
Summit and Conference
4 min read
Singapore hosted the first Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum meeting on 5& 6 June 2024. The meeting was held along with the
Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting. The Indian delegation was led by Sunil Barthwal, Secretary of the Department of Commerce.
IPEF Clean Economy Investor Forum meeting
The Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum was organised to bring together the Asia Pacific region’s top investors, clean economy companies, and start-ups to mobilise investments into renewable energy projects, sustainable infrastructure and climate technology.
IPEF Catalytic Capital Fund
The IPEF Catalytic Capital Fund was launched at the forum meeting. The IPEF Catalytic Capital Fund has been set up by IPEF member countries Australia, Japan, the Republic of Korea, and the United States, as well as by a private company, Infrastructure Development Group.
These countries have committed to providing USD 33 million as a grant for the fund.
The IPEE Catalytic Fund will provide concessional loans, technical assistance, and capacity-building support to expand the pipeline of quality, resilient, and inclusive clean economy infrastructure projects in emerging and upper-middle-income economies like India and the Southeast Asian region.
The IPEF Catalytic Capital Fund will be managed by the Infrastructure Development Group. The fund seeks to attract up to USD 3.3 billion in private-sector investment in the region's energy projects.
About Indo-Pacific Economic Framework for Prosperity (IPEF)
The Indo-Pacific Economic Framework for Prosperity (IPEF) is an American-led initiative that was launched after the COVID-19 pandemic, which disrupted the world’s supply chain.
China, which is the factory of the world, is the crucial link in the global supply chain. Many countries depend on Chinese factories for industrial products, semi-finished products, and raw materials.
To diversify from China and build an alternative supply chain, the IPEF was launched.
It was formally launched by American President Joe Biden on 23 May 2022 in Tokyo, Japan.
The IPEF also seeks to strengthen economic engagement and cooperation among partner countries to advance growth, economic stability and prosperity in the region.
Members of the IPEF
The IPEF consists of 14 member countries -The United States of America, India, Australia, Brunei, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
Four pillars of the IPEF
The IPEF is built around four pillars relating to Trade. They are:
- Pillar -I; Fair and resilient trade (including digital, labour, environmental and other standards);
- Pillar-2: Supply chain resilience;
- Pillar-3: Infrastructure, decarbonisation and clean energy; and
- Pillar-4: Tax and anti-corruption.
India has not joined Pillar 1 and has an observer status. However, it has joined Pillars 2, 3, and 4.
