Federal Bank ceases thermal power project funding by 2030
ECONOMY & POLICY

Federal Bank ceases thermal power project funding by 2030

Federal Bank, the largest and oldest private sector lender in Kerala, announced that the bank plans to cease funding for thermal power projects by 2030. The bank, headquartered in Kochi, intends to reduce its exposure to the thermal power sector by half by 2025 as a part of its de-carbonisation initiative.

The bank's current investment in the green power sector amounts to Rs 50.83 billion, spread across seven to eight projects, primarily in solar and wind energy areas.

Ashutosh Khajuria, the chief mentor at the bank, shared, "We have internally established a goal to completely discontinue funding for thermal power projects and the traditional energy sector by 2030. To initiate our decarbonisation efforts, we will be reducing our involvement in this environmentally harmful sector by half before 2025," he told PTI.

Federal Bank, the largest and oldest private sector lender in Kerala, announced that the bank plans to cease funding for thermal power projects by 2030. The bank, headquartered in Kochi, intends to reduce its exposure to the thermal power sector by half by 2025 as a part of its de-carbonisation initiative. The bank's current investment in the green power sector amounts to Rs 50.83 billion, spread across seven to eight projects, primarily in solar and wind energy areas. Ashutosh Khajuria, the chief mentor at the bank, shared, We have internally established a goal to completely discontinue funding for thermal power projects and the traditional energy sector by 2030. To initiate our decarbonisation efforts, we will be reducing our involvement in this environmentally harmful sector by half before 2025, he told PTI.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000