Power Finance Corporation Ltd(PFC) has achieved a milestone by becoming the first Indian participant in the Asia Transition Finance Study Group (ATFSG), an initiative spearheaded by the Japanese Ministry of Economy, Trade and Industry (METI) to promote sustainable transition finance in Asian countries. By becoming a part of this initiative, PFC will not only contribute India’s perspective but also collaborate on devising policy considerations to facilitate efficient energy transition financing.
Bilateral Ministerial Meeting at G20 Summit in Goa
This significant step was taken in the presence of 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, Government of Japan during the Bilateral Ministerial Meeting held on the sidelines of the G20 summit in Goa. The collaboration is aimed at fostering cooperation among Asian countries to advance financing for Energy Transition and Net Zero objectives.
Asia Transition Finance Study Group(ATFSG)
ATFSG was launched in October 2021, by private financial institutions, with the clear aim of presenting and disseminating the concept of Asian transition finance, building upon the principles outlined in the Asia Energy Transition Initiative (AETI). Japan’s Asia Energy Transition Initiative (AETI) has been launched to help countries in the Asia-Pacific region achieve net-zero emissions.
About Power Finance Corporation
Power Finance Corporation Ltd (PFC) is an Indian central public sector undertaking owned by the Ministry of Power, Government of India. It was established in 1986 and serves as the crucial financial pillar of the Indian power sector.
PFC has been actively offering financial support to various power projects throughout India, encompassing generation, transmission, distribution, and RM&U(renovation modernization & upgradation) projects. Its overarching vision is to become the foremost institutional partner for the power and allied infrastructure sectors, both within India and overseas, covering the entire value chain.
Key takeaways for competitive examinations
Chairman & Managing director of Power Finance Corporation: Ravinder Singh Dhillon