Power Ministry pitches PFC as India's lead DFI for energy transition

Power min writes to FinMin, pitching PFC as lead agency for energy transition funding

The Union power ministry has moved a proposal to grant Power Finance Corporation (PFC) the status of a development financial institution (DFI), according to sources in the know. The objective behind the move is to enable PFC to steer global climate funding and net zero investment in the country.

With this, New Delhi-based PFC, a financial institution under the power ministry, would be the first DFI for climate and energy transition in India, if the proposal is taken to its logical conclusion. It would address the concern raised by several multilateral, development and sovereign financing agencies about the lack of a