Green Climate Fund approves $200 mln for ADB's clean energy program in India
This story was originally published at 16:27 IST on 3 July 2025
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NEW DELHI – The Green Climate Fund has approved $200 million for an Asian Development Bank-led program, which looks to unlock large-scale public and private investment in high-impact and emerging clean energy sectors in India, the multilateral development bank said in a press release Thursday. The Green Climate Fund, the world's largest climate fund, approved the funding at its 42nd board meeting on Tuesday.
"The concessional funding will support ADB's (Asian Development Bank's) India Green Finance Facility, a pioneering blended finance program that aims to crowd-in investment in emerging clean energy technologies from India's leading development finance institutions and from the private sector," it said.
The multilateral development bank will look to support lines of credit with qualifying national development finance institutions through this facility, which will be responsible for developing the pipeline of projects. "This is a significant milestone in helping India transform its energy systems to meet its net zero emission target by 2070," Pradeep Tharakan, director for energy transition at Asian Development Bank, said. "While India has made tremendous progress in scaling up wind and solar energy, it is now seeking to decarbonise hard to abate sectors such as industry, agriculture, and transportation."
The India Green Finance Facility will catalyse the uptake of emerging clean technologies across India and increase the ability of the country's financial institutions to expand climate action through this partnership, Asian Development Bank said. "Using Green Climate Fund and Asian Development Bank resources, the India Green Finance Facility will extend lines of credit to India's leading development finance institutions to accelerate funding for technologies such as round-the-clock renewable energy, green hydrogen, compressed biogas, electric transport in rural areas and decentralised renewable energy solutions," it said.
A central innovation of the India Green Finance Facility is the creation of a risk sharing facility of $65 million, which will give partial credit guarantees to help smaller developers access affordable finance for compressed biogas projects, which commercial lenders often overlook due to inherent risks, the multilateral bank said.
"The Green Climate Fund is proud to support India Green Finance Facility. This partnership reflects our commitment to driving innovative, high-impact solutions that tackle climate change and promote inclusive, sustainable development," Hemant Mandal, director for Asia and Pacific at Green Climate Fund, said. End
US$1 = INR 85.31
Reported by Pratiksha
Edited by Tanima Banerjee
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