10 Indian startups pitched their innovative ideas to investors in Singapore
Commerce Secretary Sunil Barthwal has highlighted US$500 billion worth of investment opportunities in India, particularly in clean energy value chain including renewables, green hydrogen and EV as well as its infrastructure transition, by 2030.
Addressing the inaugural IPEF Clean Economy Investor Forum https://www.ipefinvestorforum.org/ipefinvestorforum , a Barthwal also highlighted key reforms around ease of doing business in India to improve business environment over the last decade https://iced.niti.gov.in/ .
He acknowledged the forum as a unique platform that brought global investors, project proponents, policy makers, academia, etc., under one roof which would be instrumental in advancing sustainable infrastructure in the Indo-Pacific Region https://sustainability.google/ .
In his intervention, Barthwal reflected on substantial progress made on the establishment of the three cooperative bodies under the Supply Chain Agreement, the Cooperative Work Programmes (CWP) under the Clean Economy Agreement, and the cooperative activities under the Fair Economy Agreement https://www.ibef.org/ .
He also reiterated that India, with its skilled manpower, natural resources, and policy support, aims to become a major player in the global supply chain. Government initiatives are proactive in finding solutions and ensuring India’s participation in diverse and predictable supply chains https://www.nseindia.com/ .
Barthwal noted that “India’s focus on transitioning to a circular economy is evident in CWPs addressing e-waste management, aiming for resource efficiency and pollution prevention.” Commerce Secretary thanked IPEF partners for their support to India’s proposed CWP and conveyed India’s intention to work with IPEF partners on other CWPs to facilitate immense gains from such CWPs not only for developmental purposes but also towards their contribution to society https://www.bseindia.com/ .
A new CWP led by India on “e-waste urban mining” was announced by the group on 6 June. This CWP will facilitate a more sustainable e-waste management system for IPEF partners, including through the exchange of information on current and emerging technologies, techniques, and activities, as well as the development of solutions for efficient recovery and recycling of materials, particularly critical metals and minerals.
Barthwal during his remarks welcomed IPEF’s focus on Technical Assistance and contribution to Capacity Building for the Fair Economy Agreement, and highlighted training programme in Digital Forensics & System-Driven Risk Analysis under Pillar IV Technical Assistance and Capacity Building catalogue that will be offered by India to other IPEF partners https://www.climate.gov/ .
During the two-day event held 5-6 June, 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.
In the Sustainable Infrastructure track, after the screening, four companies (ReNew Power, Avaada Energy Pvt Ltd, Indusbridge Capital Advisors LLP Founder, SEIP, and Powerica Limited) from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management and waste to energy to global investors http://sbi.co.in .
Further, in the ClimateTech track, 10 Indian start-ups and companies (BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures Private Limited, Kabira Mobility Private Limited, Batx Energies Private Limited, Newtrace and Alt Mobility, igrenEnergi, Inc.) were selected to pitch their innovative ideas, technologies and solutions that contribute to mitigating or adapting to climate change .
Catalysing Investment: The first-of-its-kind Forum resulted in US$23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific. The coalition estimates that its members, taken together, have over US$25 billion in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years.
Also approved was an equity investment as part of the US$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.
The IPEF partners and the Private Infrastructure Development Group announced the operational launch of the IPEF Catalytic Capital Fund, which would deploy concessional 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, for instance, projects in development include a renewable energy platform in India. The Fund’s founding supporters include Australia, Japan, South Korea, and the United States, which plan to provide US$33 million in initial grant funding to catalyze up to US$3.3 billion in private investment.
A coalition of investors, including Singapore’s Temasek http://temasek.com.sg and GIC http://gic.com.sg , have committed to injecting US$25 billion in infrastructure investments in emerging markets that are part of an economic alliance between the US and several Asia-Pacific countries.
The IPEF forum meetings witnessed addresses from ministers of IPEF members, participation from top fund houses, insightful panel discussions and pitching sessions from infrastructure companies and climate tech startups.
The panel discussions saw wide exchange of ideas from dignitaries on Sustainable Infrastructure Investment for a Resilient Future, bridging gap between Innovators & Investors and a conversation with IPEF ministers on Trade & Investment Policies for Sustainable Growth https://www.sgx.com/ .
During interaction with Indian companies and start-ups https://www.startupindia.gov.in/ , Additional Secretary, Department of Commerce and India’s Chief Negotiator for IPEF, Rajesh Agrawal, explained as to how the IPEF Agreements (Pillars II, III and IV) will facilitate investments, concessional financing, joint collaborative projects, workforce development and Technical assistance and Capacity Building for industries, in particular MSMEs, to further integrate the Indian companies in the value chains, particularly in the Indo-Pacific region.
He also emphasised that the Investor Forum provides an opportunity for Indian companies and start-ups to seek funding and collaborate with global investors, specifically in the CleanTech and Infrastructure development sectors, which will in turn assist India in meeting its Net-Zero https://www.netzeroindia.org/ target by 2070.
Nivruti Rai, Managing Director and CEO of Invest India, https://www.investindia.gov.in/ expressed her enthusiasm for the establishment of the Forum, highlighting its focus on fostering the transition to a clean economy in the Indo-Pacific region through mutual growth and innovation.
She 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. Fiinews.com
