Green Climate Fund Approves USD 200 Mn For India Clean Energy Program

(MENAFN- KNN India) New Delhi, Jul 4 (KNN) The Green Climate Fund, the world's largest climate fund, has approved USD 200 million in funding for an Asian Development Bank-led initiative designed to attract large-scale public and private investment in India's emerging clean energy sectors.

The approval was granted during the fund's 42nd Board meeting on July 1, according to an ADB release.

The concessional funding will support the Asian Development Bank's India Green Finance Facility, a blended finance program aimed at encouraging investment in emerging clean energy technologies from India's leading development finance institutions and private sector participants.

This marks the first partnership between ADB and the Green Climate Fund specifically focused on India.

The India Green Finance Facility is designed to accelerate the adoption of emerging clean technologies across India while strengthening the capacity of the nation's financial institutions to expand climate action initiatives.

The program will utilise resources from both the Green Climate Fund and ADB to provide lines of credit to India's leading development finance institutions.

These credit lines will accelerate funding for various technologies including round-the-clock renewable energy systems, green hydrogen production, compressed biogas, electric transport infrastructure in rural areas, and decentralised renewable energy solutions.

The initiative targets sectors that have traditionally been difficult to decarbonise, including industry, agriculture, and transportation.

ADB Director for Energy Transition Pradeep Tharakan described the approval as a significant milestone in helping India transform its energy systems to meet its net zero emission target by 2070.

While acknowledging India's substantial progress in scaling wind and solar energy, Tharakan noted that the country is now focusing on decarbonising hard-to-abate sectors such as industry, agriculture, and transportation.

(KNN Bureau)

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