New Delhi, Feb 20 (IANS) – The Government-owned Power Finance Corporation (PFC) has signed a Memorandum of Understanding (MoU) to support the Goa government’s climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions. The MOU will be part of the Blended Finance Facility being set up by the Goa government in partnership with The World Bank. The aim is to foster low-carbon, climate-resilient development.
PFC will use innovative blended finance mechanisms to fund these climate projects and aid in the energy transition of the state. The Goa government will facilitate the successful implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions, and fostering stakeholder collaboration to move those projects forward.
The collaboration between PFC and the Government of Goa signifies a historic milestone in green financing. It will see PFC lend its financial expertise to drive climate initiatives and catalyse energy transition through emerging technologies. This initiative is an innovative partnership between the government and the World Bank on one hand, and leading financial institutions PFC, SIDBI, and NABARD on the other, to finance climate action priorities.
PFC and the state government seek to pool resources and expertise to advance sustainable development. The agreement pioneers blended financing facility in India and aims to attract private sector investment in climate initiatives, contributing to India’s ambitious net-zero goals. The agreement was signed at the two-day India Climate and Development Partners’ Meet in Goa held on Tuesday, in the presence of Chief Minister Pramod Sawant.
This collaboration between PFC and the Goa government is a significant step towards driving climate initiatives and catalyzing energy transition through emerging technologies. It will also attract private sector investment in climate initiatives and contribute to India’s ambitious net-zero goals.
–IANS
