New Delhi (13.02.2024): Power Finance Corporation Ltd (PFC) and the Council on Energy, Environment and Water (CEEW) have announced a strategic collaboration to advance PFC's commitment to becoming a leading net-zero financier, aligning with India's ambitious 2070 Net Zero target. PFC is the largest financer of the renewable energy sector in India.
The partnership aims to diversify PFC's green portfolio and elevate its role as a key player in India's clean energy transition. Another point of the collaboration is the Revamped Distribution Sector Scheme (RDSS), where the focus is on effective monitoring and overcoming implementation challenges in the roll-out of innovative smart meter projects. The collaboration outlines several objectives, including evaluating net-zero finance requirements across the power sector value chain, understanding emerging trends in lending, and assessing financing needs for new-age clean energy technologies. Additionally, it aims to analyse available sources of capital for capital expenditures, identify emerging pools of global capital for low-cost international finance, and understand resource mobilisation strategies and climate finance products.
Thought leadership and policy support are also crucial components, with plans to jointly publish research reports, policy reports and papers, as well as organising seminars and conferences on India's net-zero target and clean energy technologies. The collaboration sets the stage for future initiatives, emphasising innovation, research, and policy support to strengthen PFC's role in India's clean energy transition. This collaboration recognises CEEW serving as a valuable knowledge partner to provide insights into India's net-zero requirements.
Parminder Chopra, CMD, Rajiv Ranjan Jha, Director (Projects) and Manoj Sharma, Director (Commercial), PFC and Arunabha Ghosh, CEO and Gagan Sidhu, Director-CEF, CEEW, expressed their pleasure at the collaboration, emphasising its significance in advancing India's sustainable and clean energy future. By pooling resources and expertise, both entities are poised to drive positive change in the power sector, contributing significantly to India's ambitious net-zero goals.