IFC to invest up to $6 billion on energy initiatives in India

Mumbai: International Finance Corporation (IFC), a member of the World Bank Group, said on Tuesday that it will invest up to $6 billion in the next five years on various sustainable and renewable energy programmes in India, of which 20% will go in building eco-friendly or green homes in the country, said a top company executive.

Jun Zhang, country head, IFC India said affordable and sustainable homes is a key part of the organization’s strategy in India.

In a press conference which announced the launch of an awareness programme on green homes along with Sustainable Housing Leadership Consortium (SHLC), a group of real estate firms which supports green homes, Zhang said IFC has invested around $2 billion on renewable energy and climate change programmes in India since 2005.

Formed in 2006, members of SHLC include Godrej Properties Ltd, Mahindra Lifespace Developers Ltd, Shapoorji Pallonji Real Estate, Tata Housing Development Company and VBHC Value Homes Pvt. Ltd.

“We invest and advise housing finance companies, developers, and have also helped leading private-sector banks to issue green bonds to finance green homes. Through this first-of-its-kind multi-stakeholder consortium, we are trying to identify private-sector solutions for greener homes, “ he said.

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