Climate Finance Breakthrough: Bloomberg and CFLI India Unveil $6.5 Billion Solutions for India’s Net-Zero Goals

UN Special Envoy Michael Bloomberg and CFLI India Members Collaborate on Innovative Climate Finance Initiatives at COP28

In a groundbreaking announcement at COP28, Michael R. Bloomberg, UN Special Envoy on Climate Ambition, and the Climate Finance Leadership Initiative (CFLI) India revealed climate finance solutions set to mobilize over $6.5 billion for India’s low-carbon, climate-resilient development. These solutions, endorsed by the Indian government and CFLI India members, encompass e-mobility, circular economy, green hydrogen, and renewables.

CFLI India’s initiatives align with India’s climate priorities and aim to attract private capital towards the $10.1 trillion required to achieve India’s net-zero target by 2070. Michael Bloomberg emphasized that this public-private partnership accelerates India’s clean energy transition, fostering job creation, public health improvements, and a more resilient economy.

Key solutions announced by CFLI India members include Macquarie Group’s blended finance platform for electric vehicle adoption, Tata Motors’ partnerships for EV financing, Tata Group and Larsen & Toubro’s innovative financing structures for PPPs, Kotak Mahindra Bank’s pooled vehicle for municipal green infrastructure, and GIC Private Limited’s green ammonia production partnership.

Public-private collaboration played a pivotal role, with CFLI India members closely working with the Indian government and multilateral development entities. The initiatives received accolades from leaders such as N. Chandrasekaran of Tata Sons, Dinesh Khara of State Bank of India, and Hitendra Dave of HSBC India, reflecting a trinity of government, corporate, and citizen efforts to accelerate the clean energy transition in India.