MANILA, Oct. 1 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday bared its plan to invest 25 million U.S. dollars in a certified climate bond issued by Vivriti Capital Limited, the first such bond issued by a medium-sized nonbank financial company in India with proceeds to provide finance for companies engaged in sectors including electric vehicles, solar and wind energy, and waste management.
The ADB said 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, mid-market corporates, and retail clients in India.
The bank said at least 30 percent of the funds will be earmarked for electric vehicle financing, including charging and battery swapping stations. Meanwhile, green loans will be used to fund new or existing projects that deliver environmental or climate-related benefits.
According to ADB, India urgently needs climate finance to tackle the worsening impacts of climate change, with more than 80 percent of the population at risk of climate-related disasters. ■
