Power Finance Corporation (PFC) Joins Asia Transition Finance Study Group to Drive Sustainable Energy Transition

Power Finance Corporation (PFC) Joins Asia Transition Finance Study Group to Drive Sustainable Energy Transition
Power Finance Corporation (PFC) Joins Asia Transition Finance Study Group to Drive Sustainable Energy Transition

Power Finance Corporation Ltd (PFC) has marked a groundbreaking achievement as the first Indian participant in the Asia Transition Finance Study Group (ATFSG), an esteemed initiative spearheaded by Japan’s Ministry of Economy, Trade, and Industry (METI). ATFSG aims to foster sustainable transition finance in Asian nations, and PFC’s participation will not only offer India’s unique insights but also play a pivotal role in shaping policies that enable smooth and effective energy transition financing.

This momentous development took place during the Bilateral Ministerial Meeting held on the sidelines of the G20 summit in Goa, where the Hon’ble Minister of Power and New and Renewable Energy, Mr. R. K. Singh, and His Excellency Mr. Yasutoshi Nishimura, Minister of Economy, Trade, and Industry of Japan, were present to witness the collaboration. The joint effort seeks to enhance cooperation among Asian countries to accelerate financing for energy transition and to achieve Net Zero objectives.

ATFSG was initiated in October 2021 by private financial institutions, with a clear focus on presenting and disseminating the concept of Asian transition finance, building upon the principles outlined in Japan’s Asia Energy Transition Initiative (AETI). The AETI was launched to assist countries in the Asia-Pacific region in achieving net-zero emissions.

Power Finance Corporation Ltd (PFC) stands as a prominent Indian central public sector undertaking, owned by the Ministry of Power, Government of India. Established in 1986, PFC plays a pivotal role as the financial backbone of the Indian power sector.

PFC has been actively providing financial support to numerous power projects across India, encompassing generation, transmission, distribution, and RM&U (renovation, modernization, and upgradation) projects. Its overarching vision is to become a premier institutional partner for the power and allied infrastructure sectors, both within India and overseas, covering the entire value chain.

Under the leadership of Chairman & Managing Director Ravinder Singh Dhillon, PFC’s participation in the ATFSG reflects its commitment to driving sustainable energy transition and supporting India’s endeavors to achieve its climate and environmental objectives.