Climate change

Green Climate Fund

Macquarie is the first Australia-based private sector partner to be accredited by The Green Climate Fund (GCF).

The GCF, a critical element of the delivery on the Paris Agreement, 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.

As a partner of the 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.

India EV Financing platform

Macquarie is managing a new blended finance platform with the GCF, to drive the adoption of electric vehicles (EVs) across India.

Transportation contributes 13 per cent of India’s total CO2 emissions, the third-highest emitting sector, with emissions forecast to increase.1 This program aims to reduce the country’s CO2 emissions and improve urban air quality.

The financing platform aims to deliver $US1.5 billion to the e-mobility sector over it's 10-year implementation period and is expected to deliver a lifetime reduction of ~9.5 MtCO2e of greenhouse gas emissions.2

The GCF has approved a commitment for $US200 million of junior equity to establish a 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).

Financing India’s e-mobility transition

Read how Macquarie is leading the development of a new blended finance platform, with the UN’s Green Climate Fund, to drive the adoption of electric vehicles across India.

Contact us

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

  1. 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).
  2.  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.