Federal Bank ceases thermal power project funding by 2030

11 Oct 2023 CW Team

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.

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