IFC and Bajaj Finance Partner to Boost Climate Finance in India
| Aspect | Details |
|---|---|
| Partnership | IFC partners with Bajaj Finance Ltd. (BFL) to enhance climate finance in India. |
| Investment | $400 million commitment as part of a $1 billion fundraising initiative. |
| Focus Areas | Financing for EVs, energy-efficient consumer goods (EECG), and women-owned micro-enterprises. |
| EV Financing | Aims to finance 2-wheelers, 3-wheelers, and 4-wheelers. |
| Women Empowerment | Increased support for women micro-borrowers and women-owned micro-enterprises. |
| Climate Loan Growth | Bajaj Finance projects 4x increase in climate loans, from $150 million in 2024 to $600 million by 2027. |
| IFC's Role | IFC, a World Bank Group member, focuses on private sector investment in emerging markets. |
| India's Energy Context | Households account for 26% of India's energy consumption, emphasizing the importance of EECG. |
| Household Appliances Growth | India's market projected to grow at 7.35% annually in 2024. |
| AC Demand by 2050 | Air conditioner demand in India expected to rise 9-fold by 2050. |
| Star-Rated Appliances | Only 26% of mandatory star-rated consumer goods in India are rated 5 or 4 stars. |
| Microenterprises | 99% of India's MSMEs are microenterprises, many being women-owned. |