Asian Development Bank has tied up with low-cost housing financier IIFL Home Finance to launch a green housing initiative in India to reduce carbon emissions and conserve water and energy. The bank is also planning to engage other institutional stakeholders including the Indian government, which has initiated a massive drive towards housing for all.
Susan Olsen, ADB’s senior investment specialist for South Asia, informed that IIFL is their partner for the technical assistance program. The program has a broad scope and reaches other key actors in the green affordable housing ecosystem in India to develop capacity across several developers, other housing finance companies, and local /state/national government stakeholders.
The total project cost is pegged at $1 million and will be provided by ADB's Urban Climate Change Resilience Trust Fund. IIFL will also contribute an additional $0.15 million towards other costs. The initiative will integrate green lending and climate adaptation strategies in the context of affordable housing in India. Monu Ratra, chief executive at IIFL Home Finance, informed that buildings contribute around 35% of carbon emissions and with the vast majority of housing stock yet to be built in India, it can have a devastating impact.