The Government of Goa has partnered with Power Finance Corporation (PFC) to pioneer a subnational Blended Finance Facility for Climate Action. The MoU signed between PFC and the Goa government aims to support the state’s climate ambitions and contribute to India’s net-zero goals.
The Blended Finance Facility, established in collaboration with The World Bank, is designed to promote low-carbon and climate-resilient development in Goa. This partnership signifies a significant step towards attracting private sector investment in climate initiatives, emphasizing renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions.
Under the MoU, PFC will employ innovative blended finance mechanisms to fund crucial climate projects identified by the Government of Goa. These projects will not only advance Goa’s sustainable development goals but also align with India’s commitment to achieving ‘Panchamrit’ and Net Zero emissions by 2070.
Speaking on the occasion, Smt. Parminder Chopra, CMD of PFC, stated, ‘India is committed to achieving ‘Panchamrit’ and Net Zero emissions by 2070; and 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.’
The agreement was formalized during the meet in the presence of Dr. Pramod Sawant, the Chief Minister of Goa. This collaboration marks a historic milestone in green financing, with PFC bringing its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies.
The partnership is part of an innovative approach that involves not just the Government of Goa and The World Bank, but also other leading financial institutions such as SIDBI and NABARD. Together, they aim to finance climate action priorities, supporting Goa’s vision for a sustainable and resilient future.
