UN Climate Bank Bets On Underfunded Clean Tech In India

The Asian Development Bank and the UN Green Climate Fund are set to launch a financial facility to bolster emerging clean technologies in India.

With an initial $200 million provided by the UN's fund, the instrument's targets include round-the-clock renewables, electric mobility and compressed biogas, according to an ADB statement seen by Bloomberg and expected to be released later on Thursday.

These technologies are commercially viable but "they need a nudge" to achieve scale, Pradeep Tharakan, ADB's energy transition director, said in the statement.

India has installed around 179 gigawatts of renewable capacity, from just 4 gigawatts a decade ago. Mass deployment of solar and wind has been sped up by access to cheap land and falling power prices. Other clean technologies have struggled to take off as policy bottlenecks and high entry costs stifled demand.

The facility is seeking to team up with Indian public lenders to mobilize $2.9 billion in investments over 10 years, offering long-term, favorable loans to smaller developers currently struggling to borrow, according to ADB. 

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