Vivriti Capital Secures USD 25 Million from ADB via Climate Bond
Vivriti Capital Ltd. has raised USD 25 Million through a certified climate bond. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management.
October 01, 2024. By Mrinmoy Dey
The proceeds from this fund will be used to provide finance to companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30 percent of the funds will be earmarked for electric vehicle financing, including charging stations and battery swapping stations.
The bond is being certified by the Climate Bonds Initiative and aims to enhance access to climate finance for financially underserved enterprises, including micro, small, and medium-sized enterprises (MSMEs), mid-market corporates, and retail clients in India.
For the uninitiated, the Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy. It also administers the international Climate Bond Standards and Certification Scheme.
ADB Director General for Private Sector Operations Suzanne Gaboury said, “Climate bonds can bridge the large market gap for climate finance in India while supporting the development of the capital market.”
She further added, “This partnership with Vivriti Capital Ltd. allows ADB to support scalable and commercially viable renewable energy projects and promote decarbonisation of road transport, which accounts for up to 30 percent of urban air pollution in India.”
VCL Founder and Managing Director Vineet Sukumar commented, “With this partnership, we are well-positioned to channel these funds into critical areas such as electric vehicles and renewable energy projects. These investments will not only drive sustainable economic growth but also create a lasting multiplier effect across the broader economy."
India urgently needs climate finance to tackle the worsening impacts of climate change, with more than 80% of the population at risk of climate-related disasters. In its updated nationally determined contributions, India has set ambitious targets including reducing carbon emissions by one billion tons by 2030 and achieving net-zero emissions by 2070. Moreover, India’s debt capital market needs further development, with only 3.8 percent of domestic corporate bonds classified as green bonds.
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