Climate NBFC Ecofy has raised $15 million from Mirova to expand lending for rooftop solar and electric mobility, including two- and three-wheelers. Founded in 2022, it claims to be India’s first green-only NBFC and will use the funds for onward lending to residential and commercial customers. It already serves 130,000 users across 26 states.
India has urged the Asian Development Bank to expand its lending capacity and shift to a more transformative model to help developing economies weather global uncertainty. The government wants reforms and capital-expansion measures across multilateral development banks to unlock more funding for infrastructure, the climate transition, and human capital development.
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At COP28, India is expected to build on G20 climate outcomes by backing faster renewable growth and calling for about $4 trillion annually in climate finance for developing countries. But it is unlikely to sign onto stronger coal phasedown pledges, setting up a tough negotiation as global targets tighten while India seeks flexibility for its energy transition.
While the G20 spotlight stayed on Delhi, the Sustainable Finance Working Group met in Varanasi to push climate finance forward—aiming to scale both private and public sustainable funding. Experts say the direction is encouraging, but important specifics remain unclear, leaving parts of the agenda unfinished and raising questions about how commitments will translate into action.
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