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IFC to invest $6 billion in green energy and building in India

The International Finance Corporation, a member of the World Bank Group, has announced it will invest up to $6 billion in India over the next five years on initiatives in renewable energy and green building. 

The plans allow for 20% of this ($1 billion) to go towards green building initiatives in the country, while the rest will go towards climate change and sustainability development projects. The investment will be in the form of loans to green building developers.

“We have already invested over $2 billion in green building initiatives in India since 2005. Over the next five years until 2022, we will be investing $5 billion to $6 billion on climate change-led initiatives,” reported Jun Zhang, India country head, IFC. 

Zhang also said that affordable and sustainable homes is a key part of IFC’s strategy in India. The corporation, along with various stake holders, are working to make 20% of India’s new homes eco-friendly by 2022. Currently, around 2% of existing homes are certified green buildings.

India registered green building footprint is second only to the U.S., yet in 2016 it still only covered 5% of stock. This is set to increase 20% from 2016-2018.

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