The International Finance Corporation (IFC) has committed $400 million to Bajaj Finance in order to boost climate finance and empower women in India. The funding will expand finance for electric vehicles (EVs) and energy-efficient consumer goods (EECG), thereby closing the gender gap and promoting financial inclusion. The initiative aims to support women-led microenterprises and women micro-borrowers accelerating the market competition and encouraging other nonbanking financial companies (NBFCs) and investors to expand their financing solutions.
IFC is a member of the World Bank Group and this funding is a part of a $1 billion fundraising initiated by the Bajaj Finance Ltd (BFL). The funding will help BFL to uplift climatic solutions and expand its finances for customers who wish to buy two-wheelers, three-wheelers, and four-wheelers EVs. Imad N Fakhoury, Regional Director for South Asia, IFC stated "Accelerating climate financing is crucial for India to meet its net-zero goals. IFC's investment in Bajaj Finance will boost market competition, inspiring other NBFCs and investors to expand their financing for energy-efficient solutions, e-mobility, and microfinance." He mentioned that this funding will accelerate green growth, empower women, and close the gender gap in India.
India's energy sector is rapidly developing, with the demand for air conditioners expected to rise nine-fold by 2050. The household appliances market in India is estimated to be $59.19 billion in 2024, with annual growth of 7.35 per cent.
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