The Government of Goa has unveiled plans for a pioneering Blended Finance facility in collaboration with the World Bank. This initiative marks a significant step towards climate-focused financing at a subnational level, aiming to bolster Goa’s resilience to the challenges posed by climate change.
Introduction to Blended Finance Facility
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Inception: Announced during the 2024 edition of the World Bank’s India Climate and Development Partners’ Meet.
- Objective: To facilitate access to concessional finance for low-carbon and climate-resilient investments in Goa.
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Scope: Multi-sectoral approach targeting diverse areas vulnerable to climate change impacts.
Operational Mechanisms
- Funding Allocation: Assisting both funded projects and directing financing towards sectors lacking funding.
- Bridging Financial Gaps: Acting as a vital link between green financing mechanisms and domestic capital markets.
- Private Sector Engagement: Attracting private capital investments for climate action through innovative financing structures.
Integration and Sustainability
- Carbon Market Integration: Harnessing carbon markets and green credits to ensure sustainable operation.
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Continuous Funding: Strategies in place for continuous re-capitalization to support ongoing climate resilience efforts.
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