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					</table><p><a href="https://www.mercomindia.com/fast-track-commissioning-pumped-storage-projects" target="_blank" rel="noopener"><strong>In a significant move to accelerate India’s renewable energy capacity, the government has introduced several initiatives to expedite pumped storage projects commissioning.</strong></a> To streamline the concurrence process for hydro pumped storage projects, Central Electricity Authority (CEA) has recently revamped the approval process for detailed project reports of these projects. Several key measures have been implemented to expedite clearances, including establishing a Single Window Clearance Cell by the CEA.</p>
<p><a href="https://www.mercomindia.com/us-based-dfc-invests-5-financing-platform-revfin" target="_blank" rel="noopener"><strong>Electric Vehicle financing platform for individuals, Revfin, raised $5 million in funding from the United States International Development Finance Corporation (DFC)</strong></a> intending to promote inclusive financing for EV adoption across India. The strategic investment, made under DFC’s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.</p>
<p><a href="https://www.mercomindia.com/smaller-solar-developers-collateral-free-loans-for-expansion" target="_blank" rel="noopener"><strong>Access to finance is vital for solar developers who fall under Micro, Small, and Medium Enterprises (MSME) to invest in infrastructure, technology, research, and development and expand their operations.</strong></a> While the government has tried to support MSMEs operating in the solar industry with certain initiatives, small developers are still beset by the challenge of demanding collateral prerequisites and lengthy loan processing timelines.</p>
<p><a href="https://www.mercomindia.com/eu-clean-energy-projects-member-states" target="_blank" rel="noopener"><strong>The Modernisation Fund of the European Union has disbursed €2.4 billion (~$2.6 billion) to finance 31 projects in seven beneficiary member countries to support the modernization of energy systems</strong>,</a> reduction of greenhouse gas emissions in energy, industry, and transport, and improvement of energy efficiency. The disbursement of funds was made possible through revenues generated by the European Emissions Trading System. The projects selected for funding showcase the diverse range of initiatives prioritized by the beneficiary countries.</p>
<p><a href="https://www.mercomindia.com/just-climate-industrial-climate-solutions-fund" target="_blank" rel="noopener"><strong>Net-zero investment firm Just Climate raised $1.5 billion for its debut Climate Assets Fund I, exceeding its $1 billion target, which will be invested in decarbonization solutions</strong></a> for industries across the globe. The fund is designed to pursue investments in growth-stage, asset-heavy companies globally which have the potential to deliver transformational climate impact across some of the highest-emitting, hard-to-abate industries— including energy, mobility, industry, and buildings.</p>
<p><a href="https://www.mercomindia.com/electric-vehicle-700-million-2040" target="_blank" rel="noopener"><strong>The number of electric vehicles is set to exceed 100 million by 2026 and reach 700 million by 2040, according to the latest report by BloombergNEF.</strong></a> These estimates represent a significant surge from the 27 million EVs registered at the beginning of this year. The electrification trend rapidly expands across all road transport sectors, encompassing vehicles ranging from rickshaws to heavy trucks. Notably, emerging economies such as India, Thailand, and Indonesia are witnessing a notable uptick in EV adoption.</p>
<p><a href="https://www.mercomindia.com/tata-steel-to-procure-966-mw-round-the-clock-renewable-power-from-tprel" target="_blank" rel="noopener"><strong>Tata Power Renewable Energy (TPREL), the renewable arm of Tata Power, has received a letter of award to set up 966 MW of round-the-clock (RTC) solar-wind hybrid power project for Tata Steel</strong></a> across select steel plants in India. The project, with 379 MW of solar and 587 MW of wind power, is scheduled to be commissioned on June 1, 2025. The RTC power purchase agreement will be executed under the group captive segment, with Tata Steel investing 26% equity in the project. TPREL will set up the project through its subsidiary TP Vardhaman Surya, the company said in a statement.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Government Fast-tracks Commissioning of Pumped Storage Projects


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					</table><p>Net-zero investment firm <a href="https://www.justclimate.com/" target="_blank" rel="noopener">Just Climate</a> has raised $1.5 billion for its debut Climate Assets Fund I, exceeding its $1 billion target, which will be invested in decarbonization solutions for industries across the globe.</p>
<p>The fund is designed to pursue investments in growth-stage, asset-heavy companies globally which have the potential to deliver transformational climate impact across some of the highest-emitting, hard-to-abate industries— including energy, mobility, industry, and buildings.</p>
<p>Investors in the fund include <a href="https://www.calstrs.com/" target="_blank" rel="noopener">California State Teachers’ Retirement System</a>, Canada’s <a href="https://www.investpsp.com/en/" target="_blank" rel="noopener">Public Sector Pension Investment</a>, Swedish pension funds <a href="https://www.ap4.se/en/about-ap4/" target="_blank" rel="noopener">AP4</a> and <a href="https://ap2.se/en/about-ap2/" target="_blank" rel="noopener">AP2</a>, Australia’s <a href="https://www.cfs.com.au/" target="_blank" rel="noopener">Colonial First State Investments</a>, and Chicago-based impact investor <a href="https://www.buildersassetmanagement.com/" target="_blank" rel="noopener">Builders Asset Management</a>.</p>
<p>Just Climate has already invested in Switzerland-based electric vehicle charging company <a href="https://e-mobility.abb.com/" target="_blank" rel="noopener">ABB E-mobility</a>, Sweden-based industrial start-up <a href="https://www.h2greensteel.com/" target="_blank" rel="noopener">H2 Green Steel</a> and Sweden-based gasification technology specialist <a href="https://mevaenergy.com/" target="_blank" rel="noopener">Meva Energy</a>.</p>
<p>“More than 50% of the world’s emissions come from the hard-to-abate industries. Without radical and urgent changes to how the financial sector approaches the decarbonization challenge in these industries, which are the building blocks of our economy, there will be no net zero by 2050. Proven, transformational climate solutions are being developed to decarbonize the industrial sectors. With the right investment support, we believe they can scale rapidly to achieve better gross margins, a lower cost of capital, and widespread market adoption,” said Shaun Kingsbury, Chief Investment Officer of Just Climate.</p>
<p>Just Climate was launched in 2021 by Generation Investment Management, the fund management business established by former U.S. vice president Al Gore and former head of Goldman Sachs Asset Management David Flood.</p>
<p>The Fund’s founding investor group includes Microsoft’s Climate Innovation Fund, which anchored the Fund, IMAS Foundation, Ireland Strategic Investment Fund, Harvard Management Company, the Imprint Group of Goldman Sachs, Hall Capital Partners, and its clients.</p>
<p>Weil, Gotshal &amp; Manges served as fund counsel. Aztec Financial Services is the administrator of the fund.</p>
<p>The World Economic Forum recently <a href="https://www.mercomindia.com/philanthropic-financing-to-per-year-to-reach-net-zero" target="_blank" rel="noopener">launched</a> a fundraising vehicle to unlock $3 trillion of financing needed yearly to reach net zero, reverse nature loss, and restore biodiversity by 2050.</p>
<p>The United Nations Climate Change Conference COP27 <a href="https://www.mercomindia.com/cop27-4-trillion-renewable-funding-annually-net-zero-2050" target="_blank" rel="noopener">highlighted</a> the need for global investments of $4 trillion annually in renewable energy until 2030 to achieve net zero emissions by 2050.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Just Climate Raises $1.5 Billion for Industrial Climate Solutions Fund

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