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US, Indo-Pacific partners holding talks in Singapore on clean energy
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US, Indo-Pacific partners holding talks in Singapore on clean energy
Jun 3, 2024 2:21 AM

WASHINGTON, June 3 (Reuters) - The U.S.-led Indo-Pacific

Economic Framework is holding a ministerial meeting this week in

Singapore, including major firms joining a "Clean Economy"

investor forum to boost infrastructure and climate investments

across the region.

It marks the first in-person IPEF ministerial session since

the substantial conclusion of negotiations for the IPEF Clean

Economy Agreement and the Fair Economy Agreement in November in

San Francisco.

U.S. Commerce Secretary Gina Raimondo said the countries

plan to outline steps under each of the agreements this week.

"We're going to finalize all of those agreements at the

ministerial," Raimondo said. Additional announcements are

expected on a supply chain agreement, she said.

The IPEF Clean Economy Investor Forum includes 22 major U.S.

companies such as Amazon.com's ( AMZN ) AWS Bechtel, Alphabet's

Google, Microsoft ( MSFT ), BlackRock ( BLK ),

Bechtel, Citi, Goldman Sachs ( GS ), JPMorgan ( JPM ),

Morgan Stanley ( MS ) and KKR. Raimondo said there also

will be major Australian and Japanese investors at the forum.

"Government-to-government agreements are great," Raimondo

said. "But honestly it's time to implement - put some points on

the board. ... We hope to start doing deals and making

investments in the clean economy in the IPEF countries."

Raimondo said each country has submitted their top clean

economy projects "and then we're going to have matchmaking

sessions at the investor forum." Raimondo said the projects

include renewable energy generation such as solar and wind,

energy transmission and other infrastructure, transportation and

mobility projects.

She said she hopes in the coming months the forum will lead

to multibillion-dollar investments in places such as Thailand

and Malaysia.

"They're looking to attract investment to their

climate-related infrastructure," Raimondo said. "These countries

want to hit their own climate goals and build up their own

infrastructure, but they need capital and that's what we're

going to bring to the equation."

The "Fair Economy" agreement is aimed at fighting corruption

and tax evasion. Countries this week are expected to detail

anti-corruption pledges and tax transparency measures.

"It enables all the rest of this thing to work," Raimondo

added.

Countries participating in IPEF are Australia, Brunei, Fiji,

India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the

Philippines, Singapore, Thailand, Vietnam and the United States.

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