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Speaking at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, Deputy Prime Minister and Minister for Trade and Industry of Singapore, Gan Kim Yong, emphasised the importance of the forum in fostering regional cooperation and advancing the deployment of clean energy technologies.
This inaugural event, hosted by the Singapore Ministry of Trade and Industry in collaboration with 13 IPEF partners, was designed to facilitate significant business and capital matching, particularly in the realm of clean energy and climate-friendly infrastructure.
Bringing together 300 top-tier investors, innovative start-up entrepreneurs, and senior government officials, the forum marked a crucial step in fostering sustainable development in the region.
The highlight of the Investor Forum was the identification of 69 sustainable infrastructure projects worth over US$23 billion. Among these, US$ 6 billion worth of investment-ready projects were presented to investors. These projects, nominated by countries including Brunei, Fiji, India, Indonesia, and others, span diverse sectors such as energy, agriculture, waste management, and transportation.
The remaining US$ 17 billion worth of projects have been earmarked as future investment opportunities, demonstrating a robust pipeline for sustainable growth in the region. In addition to infrastructure projects, 49 climate technology startups pitched for up to US$ 2 billion in new funding.
These startups were selected from the Indo-Pacific Climate Tech 100 by a global research platform for the impact economy. The rigorous selection process reviewed over 10,000 companies to identify the top 100 climate tech startups in the Indo-Pacific region. These startups represent cutting-edge solutions in energy, mobility, and environmental sustainability, highlighting the region’s innovative capacity to address climate change.
The Investor Forum also saw significant announcements from IPEF member governments and private sector participants. Key initiatives include:
- IPEF Catalytic Capital Fund: Australia, Japan, the Republic of Korea (ROK), and the United States launched this fund to expand the pipeline of bankable clean economy projects. With an initial US$ 33 million in funding, the goal is to catalyse up to US$ 3.3 billion in private investments in Official Development Assistance (ODA)-eligible countries.
- Japan’s Hydrogen Fund: Scheduled to launch operations by Q3 2024, this fund aims to leverage private financing to strengthen cross-border hydrogen supply chains, with a specific focus on activities in the IPEF region.
- Singapore-US-Vietnam Renewable Energy Working Group: This trilateral working group was established to enhance investments in renewable energy and develop a framework for regional cross-border electricity trade.
- US Contributions to Clean Energy Funds: The US International Development Finance Corporation (DFC) is set to invest in the Southeast Asia Clean Energy Fund II and the Eversource Climate Investment Partners II fund. These investments aim to raise substantial capital to support clean power, energy storage, electric mobility, and other climate-resilient projects in Southeast Asia and India.
Significant commitments from the private sector were also announced, reinforcing the collaborative effort between public and private entities in promoting sustainable development.
The IPEF partners are committed to building on the forum’s success, with plans to engage the private sector continuously and expand the pipeline of investable sustainable infrastructure projects and climate tech startups.
The Investor Forum is set to become an annual event, hosted by various IPEF member countries, to ensure ongoing collaboration and innovation in the clean economy sector. This initiative represents a significant stride towards achieving sustainable growth and addressing climate challenges in the Indo-Pacific region through technology and innovation.
