US President Joe Biden delivers remarks as other nation's representatives in the IPEF bloc, including India's Union Commerce and Industry Minister Piyush Goyal look on at the Indo-Pacific Economic Framework (IPEF) Leaders event in San Francisco, California, U.S in 2023.
Credit: Reuters Photo
New Delhi: The 14-member IPEF bloc, including India and the US, will organise an investor forum meet in Singapore on June 5-6, wherein domestic climate tech entrepreneurs and companies can win a chance to showcase and pitch their products to global investors.
The government has invited applications from domestic climate tech entrepreneurs and companies to participate in the meeting, the commerce ministry said in a statement.
The last date to apply is April 26 and the applications will be evaluated by regional and industry experts.
"The top 100 companies will be announced in early May 2024 and shortlisted companies will be invited to showcase and pitch at the investor forum in Singapore," it added.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and includes 14 countries namely Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US and Vietnam.
It provides a platform for these countries to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in the region. The IPEF comprises four pillars of cooperation - Trade, Supply Chain, Clean Economy and Fair Economy.
The IPEF Clean Economy Investor Forum is one of the initiatives under the framework.
It brings together the region's top investors, philanthropists, financial institutions, innovative companies, startups and entrepreneurs, the ministry said, adding that the forum aims to mobilize investments into sustainable infrastructure, climate technology and renewable energy projects.
The Department of Commerce is the nodal agency for the IPEF engagements, and the investor forum is managed by Invest India, the country's investment promotion agency.
'Apart from showcasing India's leadership position in the Clean Economy space and the various innovative solutions driving it, India will showcase some of the large infrastructure projects in Clean Economy and top climate tech companies to the global investors for investment opportunities,' it said.
The forum will have opportunities for the Indian industry in two tracks - climate and infrastructure.
Under the climate tech track, the forum is holding an open call that aims to recognise the top climate tech companies and startups among the member countries and present them to global investors.
Similarly, under the infrastructure track, India will showcase selected investible sustainable infrastructure projects at the 2024 forum.
"The sectors of focus are-energy transition (example electric grid; renewable energy, including solar, and onshore wind; sustainable aviation fuel; battery storage; hydrogen; green data centers), transport and logistics (example Electric Vehicle, EV charging points), waste management/waste to energy," the ministry said.
The projects that are ready, or expected to be ready, for private investment during the next 18 months will be given priority for showcasing at the forum.
The eligibility criteria for climate tech firms to apply include having headquartered or have a significant focus or level of operations in an IPEF member country; companies must be founded in or after 2010.
Companies will be evaluated on five key criteria for inclusion in the Indo-Pacific Climate Tech 100. Firms with the highest ratings will be included in the final 100, ensuring that each of the 14 IPEF member countries are represented by a minimum of three companies.