Climate change

Green Climate Fund

29 April 2024

Macquarie was accredited by Green Climate Fund (GCF) in 2020, making it the first Australia-based private sector partner to receive accreditation from the fund.

GCF is the world’s largest climate fund, mandated to support developing countries raise and realise the ambition of their Nationally Determined Contributions (NDC) towards low-emissions, climate-resilient pathways1 .

As a partner of GCF, through Macquarie entity Macquarie Alternative Assets Management Limited (MAAML), we are able to propose climate projects with potential to access the Fund’s financial reserves2 .

India EV financing platform

Macquarie has developed a new blended finance platform with GCF, to drive the adoption of electric vehicles (EVs) across India. The platform was officially launched in April 2024 and will be known as “Vertelo”.

Transportation contributes 13 per cent of India’s total CO2 emissions, the third-highest emitting sector, with emissions forecast to increase.3 This program aims to reduce the country’s CO2 emissions and improve urban air quality.

The platform aims to deliver $US1.5 billion to the e-mobility sector over the proposed investment term of 10 years and is expected to deliver a potential lifetime reduction of ~9.5 MtCO2e of greenhouse gas emissions.4

GCF has approved a commitment for up to $US200 million of junior equity to establish the first-of-its-kind EV focused leasing and financing company in India.

GCF in India: Accelerating the transition to electric vehicles

The blended finance structure is designed to crowd-in private sector capital, leveraging GCF’s commitment to provide a risk-mitigating buffer to commercial investors.

Macquarie aims to raise a further $US205 million from institutional investors to capitalise the platform and, over time, the platform hopes to mobilise a total of ~$US1.5 billion of capital (including debt finance).

India E-Mobility Financing Program documentation5 

India E-Mobility Financing Programme (English)

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India E-Mobility Financing Programme (Hindi)

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India E-Mobility Financing Programme Overview & Status

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Gender Action Plan

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Financing India’s e-mobility transition

Read how Macquarie has developed a new blended finance platform, with GCF, to drive the adoption of electric vehicles across India.

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If you have any queries or funding proposals, please contact us.

If you have a concern about improper conduct in relation to Macquarie and GCF, it may be raised via Macquarie’s Integrity Office under the Macquarie Whistleblower Policy. 

India's E-Mobility Financing Program

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GCF and MAAML’s partnership

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  1. https://www.greenclimate.fund/about
  2. https://www.greenclimate.fund/about/partners/ae
  3. International Energy Agency, India. Data downloaded 11/05/2023. Proportion of emissions attributed to the transport sector in 2020 (13%) was calculated by comparing the CO2 emissions from transport in India in 2020 (270 MtCO2) to the total CO2 emissions in India in 2020 (2075 MtCO2).
  4.  Emission reductions are based on the business plan at the time of the funding proposal, May 2022. As the EV platform entails funding of both electric vehicles (EVs) and EV charging infrastructure, a combination of two existing peer-reviewed methodologies was used to assess the level of GHG emissions reduced by the platform over the implementation period of 10 years. Both the methodologies are based on the core principles of Tier 1 and Tier 2 methods specified under 2006 IPCC Guidelines for National Greenhouse Gas Inventories, and 2019 IPCC Guidelines Refinement.
    Methodology 1, AMS-III.C.: Emission reductions by electric and hybrid vehicles — Version 15.0 is applicable to Electric vehicles (E-buses, electric light commercial vehicles (like electric trucks), two/three and four wheelers). There is a limitation where this methodology can be used only for small scale projects (projects which reduce GHG emissions less than or equal to 60 ktCO2 equivalent annually), but given no other viable option, this methodology was used. Methodology 2, VM0038 - Methodology for Electric Vehicle Charging Systems, version 1.0 is applicable to EV charging systems, including their associated infrastructure.
    The baseline scenario for computation is defined as the GHG emissions reduced due to the replacement of internal combustion engine (ICE) vehicles across Indian urban and semi-urban setup by funding comparable electric transportation vehicles (i.e. e-buses, e-cars, e-three wheelers and e-two wheelers.) and funding electric charging infrastructure (ECI) to support the operation of comparable electric vehicle fleets.
  5. For further details of the India E-Mobility Financing Program under GCF, please refer to https://www.greenclimate.fund/project/fp186