The country's biggest lender, State Bank of India (SBI), said on Saturday it has signed a Line of Credit agreement with the France-based financial institution, Agence Française de Développement (AFD), at its GIFT City branch at Gandhinagar.
The EUR 100 million agreement will use the funds to mitigate climate change through actions aimed at reducing greenhouse gas emissions to slow down global warming. They will also undertake measures that support climate adaptation and help adjust systems, practices, and infrastructure to minimise the damage caused by current or anticipated impacts of climate change, SBI said in a statement.
“The collaboration allows SBI to leverage AFD’s expertise in climate finance and align with global sustainability frameworks. This includes support for innovative green technologies, project structuring, and ESG integration to ensure measurable environmental and social impact,” the statement said.
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The collaboration strives to further advance India’s transition to a low-carbon economy while enhancing resilience to climate-related risks, it further stated.
The partnership is a strategic step towards SBI’s goal of achieving a green portfolio constituting 7.5-10 per cent of its domestic gross advances by 2030, the bank said, adding that it will enable the bank to offer competitive financing solutions that would further strengthen India’s green transition drive.
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