Singapore, June 6 (ANI): Indo-Pacific Economic Framework for Prosperity (IPEF) has selected 10 Indian start-ups and companies to pitch their innovative ideas, technologies and solutions that contribute to mitigating or adapting to climate change.
The 10 firms selected in the ClimateTech track are BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures Private Limited, Kabira Mobility Private Limited, Batx Energies Private Limited, Newtrace and Alt Mobility, igrenEnergi, Inc.
In addition, IPEF shortlisted four more Indian companies in the sustainable infrastructure track to pitch their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors.
These four companies are ReNew Power, and Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Limited.
The IPEF is an economic initiative launched by US President Joe Biden in 2022. The framework was launched with fourteen participating founding member nations in the Indo-Pacific region with an open invitation for other countries to join.
The Indian delegation, led by Secretary of the Department of Commerce, Sunil Barthwal participated in the inaugural IPEF Clean Economy Investor Forum in Singapore.
The two-day event that began on Wednesday brought together the region’s top investors, clean economy companies, and start-ups to mobilise investments into sustainable infrastructure, climate technology, and renewable energy projects.
Barthwal while addressing the investor forum under IPEF underlined the huge investment opportunities that India offers of more than USD 500 billion, particularly in the clean energy value chain including renewables, green hydrogen and EVs and its infrastructure transition, by 2030.
During the two-day event, more than 300 participants from financial institutions, multilateral development banks, venture capital funds, project owners, entrepreneurs and government agencies from IPEF partners actively participated under the Sustainable Infrastructure and Climate Tech engagement tracks.
During the first-of-its-kind forum, around USD 23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific were committed.
DFC’s Board 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, a release added.
The IPEF partners and the Private Infrastructure Development Group announced the operational launch of the IPEF Catalytic Capital Fund to provide financing, 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.
A coalition of investors, including Singapore’s Temasek and GIC, have committed to injecting USD 25 billion in infrastructure investments in emerging markets that are part of an economic alliance between the US and several Asia-Pacific countries.
Nivruti Rai, Managing Director and CEO of Invest India emphasized that India, as a significant contributor to global GDP growth, relies on investors to drive critical and flourishing sectors, underscoring the country’s commitment to sustainable development and economic progress.
(ANI)
