The billionaire owner of Bloomberg Media and founder of the Climate Finance Leadership Initiative, Michael Bloomberg, has announced financing initiatives that could generate $6.5 billion for developing projects focusing on low-carbon and climate-resilient initiatives in India. CFLI India members, including Tatas and other lenders, followed the announcement with multimillion-dollar solutions to tackle climate change.
Macquarie Group announced the launch of a blended finance platform, securing a $200 million commitment from the UN’s Green Climate Fund to boost electric vehicle (EV) adoption among Indian fleet operators. Tata Motors collaborated with leading banks to offer appealing loans, targeting 10-12% EV penetration by 2030, with a $2.4-3.0 billion financing potential.
Tata Group and Larsen & Toubro pioneered innovative financing structures for municipal-level Public-Private Partnerships (PPPs), potentially unlocking $2 billion of private capital by 2030. Kotak Mahindra Bank developed a pooled vehicle for municipalities to raise up to $100 million for green infrastructure. GIC Private Limited affiliated with AM Green for a venture producing 5 million tons of green ammonia by 2030, enhancing net-zero efforts in India and OECD markets.
Bloomberg is also the UN Secretary-General for Climate Ambition and Solutions and the founder of a philanthropic institution. Bloomberg’s announcement on Friday at the COP28 summit in Dubai was made jointly with the Climate Finance Leadership Initiative, which he had formed to provide climate finance in emerging markets.
CFLI India is co-chaired by N. Chandrasekaran, Chairman of Tata Sons. “CFLI India members have partnered in developing concepts to address complex issues across themes such as e-mobility, circular economy for water, and renewable energy. The concepts include innovative financial structures across the public and private sectors for the circular water economy, new financial products targeted to increase e-mobility adoption, and catalyzing investments for green ammonia and grid upgrades,” said Chandrasekaran.
