Archive: October 9, 2024

IFC and Axis Bank Partner for USD 500 Million Climate Loan in India

Nagpur, October 2024: The International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution, is partnering with Axis Bank, one of the largest private sector banks in India, to provide a $500 million loan to help develop a blue finance market and scale up financing of green projects in India.

This is IFC’s first blue investment in India and the first blue transaction by a financial institution in the country. Blue loans are financing instruments that raise and earmark funds for investments such as water and wastewater management, reduction of marine plastic pollution, restoration of marine ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy.

This transaction is also the largest green financing by IFC in the country. The funding will enable Axis Bank to expand its climate finance portfolio.

With India’s rapid urbanization and economic growth, there is a substantial opportunity to enhance water and energy efficiency. The water and wastewater treatment market size was estimated  of 2022 and is expected to reach $3 billion by 2029. Additionally, the green buildings sector presents an investment opportunity  2030, driven by a need for sustainable infrastructure. Most of these investments need to come from the private sector to offset limited public funding.

Speaking on the occasion, Amitabh Chaudhry, Managing Director and Chief Executive Officer of Axis Bank said, “With the increasing effects of climate change into the global ecosystem and the growing awareness of environment sustainability, it’s imperative for banks to adopt sustainable lending practices. We are excited to partner with IFC with whom we share a common vision of strengthening standards and lending practices to boost sustainable finance in India. Given Axis Bank’s focus on growing its climate and sustainable finance portfolios, along with its large size, systemic importance, and wide reach, we hope to be a strong and stable partner for IFC in the key focus area of climate finance in India.”

We are thrilled to announce our inaugural blue loan in India, and our largest climate finance initiative in the country to date. India serves as an exceptional testing ground for innovative approaches to climate adaptation. This loan will not only catalyze private sector investment in this emerging asset class but also direct long-term funding toward fostering a sustainable blue economy. Additionally, it aims to enhance financing for climate projects across India, with a strong emphasis on green buildings that will mitigate climate change impacts and generate jobs. Partnering with Axis Bank, a like-minded ally, we are committed to propelling India’s sustainable and inclusive growth forward,” said Makhtar Diop, Managing Director of IFC.

Axis Bank is among the first banks in India to have a board-approved Environmental, Social and Governance (ESG) policy for lending that adheres to IFC Performance Standards. The Bank remains committed to supporting India’s climate agenda with public commitment of incremental financing  of incremental financing was achieved by March 2024.

Axis Bank has been a pioneering issuer of sustainable instruments among Indian financial institutions. Axis issued the first Green USD Bond way back in 2016 and also the first sustainable USD AT1 bond from India in 2021. The bank, with a long-standing history of being a pioneer in sustainable financing, will use IFC’s financing to promote resource-efficient growth and to create jobs, while protecting the critical clean water resources and supporting the nation’s climate goals.

As part of its advisory services, IFC will support Axis Bank in growing its green buildings portfolio, including for affordable housing projects and building capacity for impact reporting. Through this engagement, IFC aims to catalyze the green buildings’ market in India. IFC will also provide a performance-based incentive of up  from the UK-IFC Market Accelerator for Green Construction (MAGC) program aimed at supporting the design and construction of green buildings certified by IFC’s EDGE (Excellence in Design for Greater Efficiencies) green buildings standard.

IFC has built a successful track record in the green finance market and is laying the groundwork for launching and scaling blue finance across the globe. Since 2020, IFC has provided more than  in blue loans and bonds to private institutions around the world.

From Policewoman to Jungle Warrior: Eksha Kerung Shines in ‘Reality Ranis of the Jungle

India, 8th October 2024: Warner Bros. Discovery,  in non-fiction entertainment, launched its new India original, Reality Ranis of the Jungle, on 23rd September, in a glittering soiree in Mumbai. For the first time ever in the history of Indian television, the 10-episode reality series features an all-female cast with Northeast’s own Eksha Kerung skillfully navigating the wilderness and conquering every challenge with ease. Airing on Discovery Channel and discovery+ on Monday-Tuesday at 10pm, the show is hosted by Varun Sood, and also spotlights reality divas like Pavitra Punia, Bebika Dhurve, Anjali Schmuck, Krissann Barretto, Mira Jagannath, Jeevika Tyagi, Mrunal Shankar, Sifat Sehgal, Tejaswi Madivada, Arushi Chawla, and Christeena Biju. The twelve reality stars will be seen giving up their lives of luxury for an ‘off-grid’ adventure in the jungle.

Adapted from Warner Bros.’ popular original global format ‘Reality Queens of The Jungle’, the Indian adaptation will cater to the growing appetite for reality television amongst Indian audiences. Set in the heart of the lush jungles of the Himalayas, the show will put these powerful women to the ultimate test. As they navigate the wild terrain, they’ll compete in a series of challenges designed to push them to their physical and mental limits.

Reality Ranis of the Jungle sees the twelve contestants get divided into two teams, led by elected leaders. Together they will embark on a gruelling journey not for the fainthearted, through the treacherous and unforgiving Himalayan terrain. Battling fear and drama, the winner of each challenge will be rewarded with luxuries including comfortable tents, warm beds, and gourmet meals, while others will have to survive the wild, alongside eliminations.

The beauty that beats the odds and survives the jungle-life will be crowned as the “Survival Rani”, celebrating their resilience, leadership, and determination.

Representing the North East, Eksha Kerung is the definition of elegance and strength. The fierce 25-year-old from Sikkim, isn’t just a policewoman but also a model and a national-level boxer. Growing up with dreams of gracing the runway, Eksha participated in numerous fashion shows during her college years. However, she chose a path of service, becoming a police personnel to uphold law and order while staying effortlessly fashionable. Before donning the uniform, Eksha represented her state in boxing tournaments, making her an inspiration for many women in the northeast.

Eksha brings this same tenacity and charm on the show. Despite her fear of wild animals and the dark, she believes her 14-month police training in the wilderness has prepared her for this unique challenge. While she claims that her only weakness may be trusting too easily, Eksha is determined not to let that get in her way.

Reflecting on his experience as the host, Varun Sood said, “As the host of Reality Ranis of the Jungle, I’m incredibly excited to see an all-female cast take on such a unique and challenging environment. The strength and resilience they display in the wild is truly inspiring. I’m thrilled to be part of this journey, witnessing these amazing women tackle intense survival experiences. This show breaks boundaries, and I can’t wait for our audience to witness the determination and camaraderie that unfolds in the jungle. I’m coming back to a reality show after 4 years but this time it’s as a host. What I love about this show is that I will be interacting with these wonderful women and hearing their stories, which will hopefully resonate with the viewers. It’s truly a different show from anything that currently exists in Indian entertainment.”

The show has been produced by Banijay Asia, one of the leading production companies in India and has been directed by Tarun Panjwani, who is known for his work in reality shows and youth-related content.

Talking about the show, Sai Abishek, Head of Factual Lifestyle Cluster at Warner Bros. Discovery, South Asia said, “As the category leader in the non-fiction content segment, we know our audiences have a strong appetite for adventure reality shows. Our fans trust us for authentic and thrilling experiences, and we are excited to elevate this connection with ‘Reality Rulers of the Jungle.’ By challenging twelve popular reality stars from all walks of life in wild terrains, we are pushing them out of their comfort zones and testing their survival skills in an exhilarating way.”

Reality Ranis of the Jungle, presented by Brooke Bond Red Label Natural Care and co-powered by PolicyBazaar.com, Harpic and Mountain Dew, promises to be a thrilling and exhilarating experience, showcasing the strength, courage, and camaraderie of these extraordinary women.