Climate change

Green Climate Fund

08 December 2025

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 pathways.1 

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 reserves.2 

India EV financing platform

In April 2024, Macquarie developed a blended finance platform with GCF, seeking to drive the adoption of electric vehicles (EVs) across India.

Vertelo aims to support the reduction of India’s CO2 emissions and improve urban air quality. Since launch, the platform has partnered with leading original equipment manufacturers and fleet operators to expand the availability of EVs and related services in India.

Vertelo – a platform helping to scale India’s transition to electric vehicles

In July 2025, Macquarie Asset Management (MAM) successfully raised $US405 million for Vertelo. The funding includes $US205 million from institutional investors, unlocking $US200 million in catalytic capital from GCF. This is a demonstration of Macquarie’s ability to deliver value for clients, mobilise resources and manage risk while supporting India’s sustainable future.

This funding moves Vertelo closer to the aim of delivering $US1.5 billion to the e-mobility sector over the proposed investment term of 10 years. If successful, this investment is expected to deliver a potential lifetime reduction of ~9.5 MtCO2e of greenhouse gas emissions.3

Vertelo provides integrated fleet electrification solutions to customers, including leasing and financing, charging infrastructure and energy management, fleet management services, and end-of-life asset management. 

India E-Mobility Financing Program documentation4 

India E-Mobility Financing Programme (English)

PDF 1 MB

India E-Mobility Financing Programme (Hindi)

PDF 1 MB

India E-Mobility Financing Programme Overview & Status

PDF 187 KB

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.  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.
  4. For further details of the India E-Mobility Financing Program under GCF, please refer to https://www.greenclimate.fund/project/fp186