Four Indian companies including ReNew Power, and Avaada Energy were shortlisted for pitching their concepts on energy transition, and waste management to global investors IPEF Clean Economy Investor Forum meeting in Singapore, the commerce ministry said on Thursday.
Besides, 10 Indian start-ups and companies including BluSmart, Sea6 Energy, and Alt Mobility were also selected to pitch their innovative ideas, and technology solutions to deal with issues concerning climate change.
The ministry said the 'first-of-its-kind' forum resulted in $23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific region.
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The coalition estimates that its members, taken together, have over $25 billion in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years, it added.
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, it said.
The 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 target by 2070.
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 in the sustainable infrastructure and climate tech engagement tracks.
In the climatetech track, 10 Indian start-ups and companies (BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures, Kabira Mobility, Batx Energies, 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.
"In the sustainable infrastructure track, after the screening, four companies (ReNew Power, Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Ltd) from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors," it added.
The 14-member IPEF (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, the Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc.
