- Important role of NBFCs in accelerating 'green finance' in small towns
- Significant achievements in bridging the 'climate finance' gap
- Energy-saving systems in many cities
Mumbai: of India the weather Discussions surrounding the changes often involve large solar parks, green bonds and mega projects. However, a major positive change is taking place at the grassroots level in Tier II and III cities of the country. Sustainable finance According to Shraboni Fernandes, Head of Marketing at EcoFi, a leading company in the field, non-banking financial companies are playing a vital role in bridging the gap in 'climate finance' by providing easy loans for green and clean technologies in small towns.
In cities like Coimbatore, Indore, Jaipur, Nagpur and Surat, homeowners, farmers and small businesses are rapidly adopting rooftop solar, electric vehicles and energy-saving systems to reduce energy costs.
India has set a target of reducing emissions intensity of GDP by 45 percent by 2030. According to experts, more than 170 billion dollars of funding is required annually to achieve this target. Traditional banks often ignore small or regional projects. On the other hand, NBFCs' deep understanding of the local market, fast processing and flexible loan schemes are making loans easier to small town businesses and home owners.
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Shraboni Fernandes sang, “India's green transition cannot depend only on large corporates or projects in metro cities. The real change is coming from small-scale investments by home owners, farmers and traders in small towns. NBFCs are channeling this sustainable financing directly to the needy with the strength of their strong regional network.”
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Double benefit to environment and economy: Green finance through NBFCs not only reduces carbon emissions, but also reduces operating costs of small businesses and increases their productivity. In addition, borrower performance data generated by NBFCs helps build confidence among international climate funds and large investors. This makes NBFCs an important link between the Global Climate Fund and local borrowers. With positive government policies and support for sustainable finance, NBFCs are fully equipped to lead India to a clean, sustainable and inclusive future.