PFC Partners with Goa Govt and World Bank to Advance Climate Initiatives

GG News Bureau
New Delhi, 21st Feb. Power Finance Corporation (PFC), a prominent non-banking financial company (NBFC) and a key player in India’s power sector, has entered into a Memorandum of Understanding (MoU) to bolster the climate initiatives of the state of Goa. This collaboration aligns with the Blended Finance Facility initiated by the Government of Goa in conjunction with The World Bank, aimed at promoting low-carbon, climate-resilient development strategies.

Under the terms of the MoU, PFC will leverage innovative blended finance mechanisms to fund critical climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions, thereby contributing to the ongoing energy transition efforts. The Government of Goa, on the other hand, will play a pivotal role in facilitating the successful execution of the facility by identifying and developing a pipeline of climate projects, advocating for policy decisions, and fostering stakeholder collaboration to propel these projects forward.

By pooling their resources and expertise, PFC and the Government of Goa aspire to drive sustainable development and attract private sector investment in climate initiatives, aligning with India’s ambitious net-zero emission goals. This groundbreaking agreement was formalized during the two-day India Climate and Development Partners’ Meet in Goa on February 20, 2024, in the presence of Dr. Pramod Sawant, the Chief Minister of Goa.

Speaking on the significance of the MoU, Smt. Parminder Chopra, CMD of PFC, emphasized the corporation’s commitment to aligning with the government’s vision of achieving net-zero emissions by 2070. She underscored PFC’s pivotal role in advancing energy transition through innovative initiatives in blended financing.

This collaboration between PFC, the Government of Goa, and The World Bank signifies a historic milestone in green financing, wherein PFC will contribute its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies. The initiative represents an innovative partnership between the Government of Goa, The World Bank, and leading financial institutions such as PFC, SIDBI, and NABARD, aimed at financing climate action priorities and fostering sustainable development.