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PFC Signs MOU with Goa Government and World Bank to Advance Climate Goals

The sub-national Blended Finance Facility, an innovative venture between the Government of Goa and The World Bank, is geared towards promoting low-carbon, climate-resilient development in the region.

February 21, 2024. By Abha Rustagi

Power Finance Corporation (PFC), a non-banking financial company (NBFC) and a major player in the power sector, has inked a Memorandum of Understanding (MoU) to bolster the climate ambitions of the state of Goa. This collaboration falls under the ambit of the Blended Finance Facility initiated by the Government of Goa in collaboration with The World Bank.

The sub-national Blended Finance Facility, an innovative venture between the Government of Goa and The World Bank, is geared towards promoting low-carbon, climate-resilient development in the region.

Under the terms of the MoU, PFC will leverage inventive blended finance mechanisms to fund crucial climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions. These initiatives are poised to contribute significantly to the Energy Transition agenda.

The Government of Goa, on its part, will facilitate the smooth execution of the facility by identifying and nurturing a pipeline of climate projects. Additionally, it will advocate for policy decisions and foster stakeholder collaboration to propel these projects forward.

The signing of the agreement took place at the India Climate and Development Partners’ Meet in Goa, with the presence of Dr. Pramod Sawant, the Chief Minister of Goa.

Commenting on the MoU, Parminder Chopra, the CMD of PFC, remarked, “India's commitment to achieving 'Panchamrit' and Net Zero emissions by 2070 is resolute, and PFC is poised to play a pivotal role in aligning with the government's Net Zero agenda through this landmark initiative in blended financing for energy transition.”

This collaboration between PFC and the Government of Goa signifies a significant milestone in green financing. PFC will lend its financial expertise to drive climate initiatives and catalyze energy transition through the adoption of emerging technologies.

This 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.

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Blended Finance Facility