Green Climate Fund Approves USD 100 million Proposal for India
Mumbai: Green Climate Fund (GCF) today in its 19th Board Meeting held at Songdo, South Korea, approved proposal submitted by NABARD viz. “Line of credit for solar rooftop segment for commercial, industrial and residential housing sectors” with a GCF loan support of USD 100 million. The proposal is the first private sector facility proposal sanctioned by GCF to India and will be executed through Tata Clentech Capital Limited (TCCL).
The Programme aims to provide concessional loan assistance to solar roof top PV systems with a programme outlay of USD 250 million creating the power generation capacity of 250 MW. The programme would contribute for development of market for solar roof top financing to meet Government of India’s ambitious target of 40 GW of rooftop solar power by 2022. The programme will endeavor to create energy access for most vulnerable areas and MSMEs with poor energy access scenario to create better livelihood opportunities.
NABARD has been accredited as Direct Access Entity (DAE) of Green Climate Fund for channelizing resources under this Fund. NABARD aims to use the GCF resources for projects and programmes aimed at climate resilient and low emission development. NABARD through its various programmes has been supporting climate resilient development in agriculture and rural livelihood sectors.
The Green Climate Fund has been designated as an operating entity of the financial mechanism of the UNFCCC and aims to support developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change.