IFC commits $400 million to Bajaj Finance to help boost climate finance, empower women

IFC, a subordinate of the World Bank Group, has committed USD 400 cardinal (about Rs 3,300 crore) to assistance grow entree to concern for customers opting to bargain EVs and vigor businesslike user goods arsenic good arsenic enactment women-owned microenterprises.

This USD 400 cardinal enactment is portion of the USD 1 cardinal fundraising workout by Bajaj Finance Ltd (BFL).

The backing aims to summation competitiveness successful the clime concern market, enactment the country's clime goals, and beforehand fiscal inclusion, a associated connection said connected Wednesday.

IFC's USD 400 cardinal indebtedness volition alteration BFL to grow entree to concern for customers opting to bargain EVs, including two-wheelers, three-wheelers and four-wheelers, and fortify its beingness successful the vigor businesslike user goods (EECG) space.

"Accelerating clime financing is important for India to conscionable its net-zero goals. IFC's concern successful Bajaj Finance volition boost marketplace competition, inspiring different NBFCs and investors to grow their financing for energy-efficient solutions, e-mobility, and microfinance," Imad N Fakhoury, Regional Director for South Asia, IFC, said.

Together with Bajaj Finance, a like-minded partner, we are afloat committed to accelerating greenish maturation for the country, portion besides empowering women and closing the sex gap, helium said.

Sandeep Jain, Chief Financial Officer & Chief Operating Officer, BFL said, "responsible concern practices, driven by our ESG principles, are foundational to however we bash business." India is the world's third-largest energy-consuming nation.

As the state rapidly develops its vigor sector, millions of households are expected to bargain caller appliances, aerial conditioners, and vehicles, it said.

By 2050, the request for aerial conditioners is expected to emergence nine-fold, expanding greenhouse-gas emissions significantly, it said.

The household appliances marketplace successful India is further estimated to beryllium USD 59.19 cardinal successful 2024 and projected to turn annually astatine 7.35 per cent, it said.