UN Climate Bank invests in India's clean tech
India's push for cleaner energy just got a boost: the Asian Development Bank and the UN Green Climate Fund are teaming up to support new, practical clean tech—think 24/7 renewables, electric vehicles, and compressed biogas.
The goal is to help these promising technologies move from small-scale pilots to real-world impact.
Project aims to unlock $2.9 billion in investments
The project kicks off with $200 million from the UN Green Climate Fund and aims to unlock a total of $2.9 billion in investments over the next decade.
By working with Indian public lenders and offering long-term, affordable loans, they hope to make it easier for smaller developers to get involved.
Many newer clean technologies stuck due to high costs
Even though India's renewable energy capacity has skyrocketed from 4GW to 179GW in 10 years, some newer clean technologies are still stuck due to high costs and tricky policies.
This initiative is all about closing those gaps so more innovative solutions can actually take off.