08 Jun 2024 IPEF Clean Economy Investor Forum
THIS ARTICLE COVERS ‘DAILY CURRENT AFFAIRS’ AND THE TOPIC DETAILS OF ”Clean Economy Investor Forum. ”. THIS TOPIC IS RELEVANT IN THE “Environment” SECTION OF THE UPSC CSE EXAM.
Why in the News?
On the sidelines of the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, the Department of Commerce and Invest India organised a meeting to showcase various investment opportunities in India. The forum was held at the iconic Marina Bay Sands in Singapore.
The gathering brought together a wide array of participants, featuring investors from the United States, Singapore, Japan, Australia, and Korea, among others, as well as 15 companies based in India.
What is the Clean Economy Investor Forum?
- The Clean Economy Investor Forum is a key initiative under the Indo-Pacific Economic Framework for Prosperity (IPEF) that aims to catalyse investment in sustainable infrastructure and climate technology across IPEF partners.
- It gathers the region’s leading investors, philanthropic organisations, financial institutions, innovative firms, startups, and entrepreneurs.
- The Department of Commerce is the lead organisation for IPEF initiatives. At the same time, the IPEF Clean Economy Investor Forum is overseen by Invest India, the national agency that promotes investment in the country.
- The forum identifies and promotes investment opportunities in clean and sustainable industries. It facilitates connections between investors, startups, and established companies to foster collaboration and funding.
- It also provides a platform for sharing insights, best practices, and technological advancements in the clean economy.
- The forum facilitated meaningful interactions between Indian companies and global investors, featuring presentations on investment opportunities across various sectors.
The Clean Economy Investor Forum accelerates the switch to a sustainable economy. It does so by connecting financial resources with innovative environmental solutions. This initiative underpins the growth and expansion of technologies crucial in minimising environmental footprints and furthering worldwide sustainability objectives. By fostering partnerships and financing, the forum is a key player in promoting the development of a clean economy, ensuring a more robust and sustainable future for all.
About Indo-Pacific Economic Framework for Prosperity:
- The Indo-Pacific Economic Framework for Prosperity (IPEF) is a United States-led initiative to enhance economic collaboration within the Indo-Pacific region. Initiated in 2022, the IPEF aims to foster a more inclusive, sustainable, and resilient economic landscape in a region recognised for its dynamic growth and potential.
- The cooperation framework is built on four pillars: Trade, Supply Chain, Clean Economy, and Fair Economy. Notably, India does not participate in the trade pillar.
- The Indo-Pacific Economic Framework comprises 14 member countries: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam.
- IPEF promotes mutual growth through enhanced economic ties among Indo-Pacific nations, building resilient and sustainable supply chains for economic stability, ensuring inclusive development through widespread sharing of economic benefits, and advocating for a fair, rule-based economic order.
- IPEF conducts regular ministerial meetings and specialised group discussions to advance priorities in digital infrastructure, sustainable development, and regulatory policies, with collaborative efforts from the government and the private sector for innovation and investment.
CONCLUSION:
The inaugural IPEF Clean Economy Investor Forum marked a significant step towards enhancing economic cooperation in the Indo-Pacific region. Industry participants underscored the importance of collaborative efforts to tackle shared challenges and leverage new growth opportunities. The forum highlighted the critical role of a clean economy and resilient supply chains in achieving sustainable economic development.
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MAINS PRACTICE QUESTION:
Q. Discuss the challenges the IPEF Clean Economy Investor Forum aims to address in the clean economy sector. How does the forum promote sustainable and inclusive economic growth through its activities?
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