India is committed to achieving Panchamrit and net-zero emissions by 2070

The state-owned PFC said it has signed an agreement with the Goa government to support various green energy initiatives in the state to tackle climate change.

A Memorandum of Understanding (MoU) was signed in the presence of Goa Chief Minister Pramod Sawant, Power Finance Corporation (PFC) said in a statement.

“Under the MoU, PFC, through innovative blended finance mechanisms in cooperation with this facility, will fund key climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions leading to an energy transition,” it said.

The Goa government will facilitate the implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions, and facilitating collaboration among stakeholders, it said.

Financial institutions such as the World Bank, SIDBI, and NABARD are also part of the programme.

“India is committed to achieving Panchamrit and net-zero emissions by 2070. PFC is going to play a pivotal role in aligning with the government’s commitment to net-zero emissions through this milestone initiative in the area of blended financing for achieving energy transition,” PFC Chairman and Managing Director Parminder Chopra said.

(PTI)