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Business News/ Companies / News/  PFC inks MoU with Goa govt to fund climate projects
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PFC inks MoU with Goa govt to fund climate projects

The initiative aims to attract private sector investments towards climate actions, aligning with India’s ambitious net-zero objectives.

PFC through will lend its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies. (Photo: iStock)Premium
PFC through will lend its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies. (Photo: iStock)

New Delhi: State-run Power Finance Corp (PFC) on Tuesday signed a memorandum of understanding (MoU) with the Goa government to fund the state’s green energy ambitions through a blended finance facility.

Under the MoU, PFC will provide financial support for Goa’s pivotal climate-related projects. These include initiatives in renewable energy, green hydrogen, electric vehicles, converting waste to wealth, and nature-based solutions, all contributing to an energy transition.

PFC through will lend its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies, said a company statement.

“This initiative is an innovative partnership between government of Goa and World Bank on the one hand and the leading financial institutions PFC, SIDBI and NABARD on the other to finance climate priorities," it said.

The state government will facilitate the successful implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions and facilitating collaboration among stakeholders.

This joint effort by PFC and the Goa government seeks to promote sustainable development by introducing a blended financing model in India. The initiative aims to attract private sector investments towards climate actions, aligning with India’s ambitious net-zero objectives.

“India is committed to achieving ‘Panchamrit’ and net-zero emissions by 2070; PFC is going to play a pivotal role in aligning with the government’s commitment to net-zero through this milestone initiative in the area of blended financing for achieving energy transition," said Parminder Chopra, chairman and managing director, PFC.

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Published: 20 Feb 2024, 07:58 PM IST
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