IPEF enhances clean economy efforts with 3 new initiatives

One of the three initiatives focuses on nuclear energy. 

The 14 members of the Indo-Pacific Economic Framework for Prosperity (IPEF) have expanded their areas for cooperation following the signing of the Clean Economy Agreement that lists three new cooperative work programmes (CWP) to advance the agreement's objectives.

According to the Ministry of Trade and Industry (MTI), one of the three new CWPs was on small modular reactors (SMR), aiming to support participating partners seeking to advance their understanding of SMRs and, where appropriate, introduce SMRs in their countries under the highest standards of safety, security and safeguards.

Another new CWP was on emissions intensity accounting, which will allow partners to share information on existing standards, reporting systems, and methodologies for the assessment, identification, and trade of emerging low-emissions products.

For the CPW on e-waste urban mining, participants will be able to facilitate a more sustainable e-waste management system through information exchange and activities to develop solutions for efficient materials recovery.

There are now a total of eight CWPs under the Clean Economy Agreement.

Aside from the clean economy agreement, the IPEF partners also inked the fair economy agreement and the overarching agreement on the IPEF.

The members will now take steps for agreement ratification, acceptance, or approval.

Deputy Prime Minister Gan Kim Yong said these agreements will “advance regional cooperation in the deployment of clean energy technology, mobilise financing for sustainable infrastructure and climate technology.”

Furthermore, these will help establish a more conducive business environment in the region and create more opportunities for Singapore enterprises.