Additional USD 3 Million Grant under GCFs BEACON INDIA Programme to Support Early-Stage Climate Ventures
MUMBAI (India CSR): Tata Capital Limited (TCL), the flagship financial services company of the Tata Group, has partnered with the Green Climate Fund (GCF) under its newly approved BEACON INDIA Programme to support early-stage climate-tech start-ups across India. The programme is being implemented in collaboration with the Small Industries Development Bank of India (SIDBI) and TREC-STEP, an innovation and entrepreneurship development organisation.
Under this partnership, Tata Capital will receive a first-of-its-kind revolving facility of USD 15.85 million from the GCF, along with an additional USD 3 million grant to make financing more affordable for climate-focused start-ups. The revolving structure means that as start-ups repay their loans, Tata Capital will reinvest that money to fund new ventures ensuring the support continues for years to come.
In addition, Tata Capital will contribute USD 47.6 million of its own funds, showing its strong commitment towards building India’s climate innovation ecosystem. The initiative is expected to reduce over 1.1 million tonnes of CO emissions and benefit nearly 2.9 million people through climate adaptation and mitigation efforts.
Rajiv Sabharwal, Managing Director & CEO, Tata Capital Limited, said, Tata Capital has always been committed to green initiative for a sustainable future. Our association with Green Climate Fund to strengthen Indias climate innovation network is another step in that direction. Through this programme, we aim to help emerging entrepreneurs scale their green technologies and make a measurable difference to people and the planet.
This partnership marks another milestone in Tata Capitals journey as a leader in climate and green financing. After becoming the first private sector company in India to collaborate with GCF in 2019 for rooftop solar financing, Tata Capital now becomes the first Indian entity to collaborate with the GCF on two distinct climate programmes. This achievement reaffirms Tata Capitals leadership and long-term commitment to driving sustainable growth and supporting Indias transition to a low-carbon economy.
(India CSR)
