New Delhi: State-run Energy Finance Corp (PFC) on Tuesday signed a memorandum of understanding (MoU) with the Goa authorities to fund the state’s inexperienced vitality ambitions by a blended finance facility.
Below the MoU, PFC will present monetary help for Goa’s pivotal climate-related initiatives. These embrace initiatives in renewable vitality, inexperienced hydrogen, electrical autos, changing waste to wealth, and nature-based options, all contributing to an vitality transition.
PFC by will lend its monetary experience to drive local weather initiatives and catalyze vitality transition by rising applied sciences, mentioned an organization assertion.
“This initiative is an revolutionary partnership between authorities of Goa and World Financial institution on the one hand and the main monetary establishments PFC, SIDBI and NABARD on the opposite to finance local weather priorities,” it mentioned.
The state authorities will facilitate the profitable implementation of the ability by figuring out and creating a pipeline of local weather initiatives, selling coverage choices and facilitating collaboration amongst stakeholders.
This joint effort by PFC and the Goa authorities seeks to advertise sustainable growth by introducing a blended financing mannequin in India. The initiative goals to draw non-public sector investments in the direction of local weather actions, aligning with India’s formidable net-zero targets.
“India is dedicated to attaining ‘Panchamrit’ and net-zero emissions by 2070; PFC goes to play a pivotal function in aligning with the federal government’s dedication to net-zero by this milestone initiative within the space of blended financing for attaining vitality transition,” mentioned Parminder Chopra, chairman and managing director, PFC.
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Printed: 20 Feb 2024, 07:58 PM IST
Supply: Live Mint