Ministers from countries participating in the Indo-Pacific Economic Framework have agreed to invest at least 120 billion dollars by 2030 to promote renewable energy and power storage.

A ministerial meeting of the 14 member countries of the US-led framework, including Japan, India and Australia was held online on Thursday.

IPEF members aim to boost ties in four economic areas to counter China's efforts to expand its influence in the region. Their agreement on supply chains has already come into effect.

The members also effectively reached consensus earlier on two other areas -- a clean economy and a fair economy.

Participants on Thursday held discussions with an aim to draft an accord on a clean economy. They agreed that the accord will mention the investment of at least 120 billion dollars by 2030.

They also confirmed that Japan, the United States, Australia and South Korea will provide a total of 33 million dollars for a fund set up last November to help emerging countries achieve carbon neutrality.

The next IPEF ministerial meeting is scheduled for June in Singapore. A forum is also planned to take place on the sidelines of the meeting to call for investments to achieve carbon neutrality.