Connect with us

Newsdesk

First Tamil Nadu Housing Sector Strengthening Program

Newsroom

Published

on

The Government of India, Government of Tamil Nadu and the World Bank today signed an agreement to help low-income groups in the state of Tamil Nadu get access to affordable housing.

The agreement was signed for two projects – $200 million First Tamil Nadu Housing Sector Strengthening Program and $50 million Tamil Nadu Housing and Habitat Development Project – to  strengthen the state’s housing sector policies, institutions, and regulations.

The $200 million First Tamil Nadu Housing Sector Strengthening Program is the first of a series of two single-tranche operations. The first operation supports the government’s ongoing efforts to increase the availability of affordable housing by gradually shifting the role of the state from being the main provider to an enabler. It will also aim to unlock regulatory barriers and incentivize private sector participation in affordable housing for low-income families. The second operation will look to deepen these measures to make the affordable housing sector more efficient and inclusive.

The agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India; Hitesh Kumar S. Makwana, Principal Resident Commissioner, on behalf of the Government of Tamil Nadu; and Sumila Gulyani, Acting Country Director, India on behalf of the World Bank.

“Providing safe and affordable housing is a key priority for the state of Tamil Nadu as identified in its vision document,” said Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance.  “With the allocation provided under the Pradhan Mantri Awas Yojana (Urban) and the two projects from the World Bank, a large number of the urban poor in the state are expected to get access to better housing and, in the process, improve their living conditions.”  

Nearly half of Tamil Nadu’s population is urban, and this is expected to increase to 63 percent by 2030. An estimated 6 million people are currently living in slums (representing 16.6 percent of the state’s urban population). 

“The ongoing COVID-19 pandemic has put urban households at an unprecedented risk of increased poverty, loss of human capital, assets and livelihoods. The impact will be most acute among the poor, particularly those living in overcrowded slums with limited access to basic services,” said Sumila Gulyani, Acting World Bank Country Director in India. “The projects will support the state’s vision of providing safe affordable housing with improved living conditions for the poor and vulnerable.

Concurrently, the Board also approved a $50 million Tamil Nadu Housing and Habitat Development Project to support innovations in housing finance and strengthen housing sector institutions in the state. It will finance the newly created Tamil Nadu Shelter Fund (TNSF) – an innovation in housing finance in India – by providing an equity contribution of $35 million.

This initial support to TNSF will enable cross-subsidization opportunities where higher returns from commercial and high-income developments will compensate for lower returns from affordable housing. This will make affordable housing commercially viable for potential investors. The project will also strengthen the capacity of key housing institutions including the Tamil Nadu Slum Clearance Board, the state’s main provider of affordable housing; Chennai Metropolitan Development Authority, the land use planning authority for the Chennai Metropolitan Area; and Tamil Nadu Infrastructure Fund Management Corporation Limited, the asset management company of TNSF.

“Global experience shows that the public sector alone cannot address a growing housing demand, especially as countries undergo rapid urbanization,” said Yoonhee Kim, Senior Urban Economist, World Bank and Task Team Leader for the Housing Sector Strengthening Program. “The public sector can play an important role in providing regulatory and market incentives to make affordable housing more attractive for the private sector.”

Abhijit Sankar Ray, Senior Urban Specialist, World Bank and Task Team Leader for the Tamil Nadu Housing and Habitat Development Project added: “Both projects will complement each other and strengthen key institutions to transform the housing sector in Tamil Nadu.”

The $200 million and $50 million loans from the International Bank for Reconstruction and Development (IBRD), have a maturity of 20 years including a grace period of3.5 years.

Continue Reading
Comments

EU Politics

Commission invests €1 billion in innovative clean technology projects

Newsroom

Published

on

The Commission is launching the first call for proposals under the Innovation Fund , one of the world’s largest programmes for the demonstration of innovative low-carbon technologies, financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System. The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage. It will provide a boost to the green recovery by creating local future-proof jobs, paving the way to climate neutrality and reinforcing European technological leadership on a global scale.

Executive Vice-President Frans Timmermans said: “This call for proposals comes at just the right time. The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals. We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”

For the period 2020-2030, the Innovation Fund will allocate around €10 billion from the auctioning of allowances under the EU Emissions Trading System, in addition to undisbursed revenues from the Innovation Fund’s predecessor, the NER 300 programme.

The first call will provide grant funding of €1 billion to large-scale projects for clean technologies to help them overcome the risks linked to commercialisation and large-scale demonstration. This support will help new technologies to reach the market. For promising projects which are not yet ready for market, a separate budget of €8 million is set aside for project development assistance.

The call is open for projects in eligible sectors from all EU Member States, Iceland and Norway. The funds can be used in cooperation with other public funding initiatives, such as State aid or other EU funding programmes. Projects will be evaluated according to their potential to avoid greenhouse gas emission, innovation potential, financial and technical maturity, and potential for scaling up and cost efficiency. The deadline for submission of applications  is 29 October 2020. Projects can apply via the EU Funding and Tenders portal where more details on the overall procedure are available.

Background

The Innovation Fund aims to create the right financial incentives for companies and public authorities to invest now in the next generation of low-carbon technologies and give EU companies a first-mover advantage to become global technology leaders.

The Innovation Fund will be implemented by the Executive Agency for Networks and Innovation (INEA), while the European Investment Bank will provide project development assistance to promising projects that are not ready for full application.

Continue Reading

Environment

Electric mobility could boost green jobs as part of the COVID-19 recovery in Latin America

Newsroom

Published

on

The transition to electric mobility could help Latin America and Caribbean countries to reduce emissions and fulfill their commitments under the Paris Agreement on climate change, while generating green jobs as part of their recovery plans from the COVID-19 crisis, according to a new study.

The United Nations Environment Programme (UNEP) report, “Electric Mobility 2019: Status and Opportunities for Regional Collaboration in Latin America and the Caribbean,” analyzes the latest developments in 20 countries in the region and highlights the growing leadership of cities, companies, and civil associations in promoting new e-mobility technologies.

Though still a recent development, electrification of the public transport sector is happening at high speed in several countries in the region, says the study financed by the European Commission through the EUROCLIMA + Programme and the Spanish Agency for International Development Cooperation (AECID) and renewable energy company Acciona.

Chile stands outs with the largest fleet of electric buses in the region, with more than 400 units, while Colombia is expected to incorporate almost 500 electric buses in Bogotá, its capital. Other Colombian cities, like Cali and Medellín, have join Ecuador’s Guayaquil and Brazil’s Sao Paulo in introducing electric buses.

Increased efficiency, lower operation and maintenance costs of electric buses, as well as growing public concern around the impacts of road transport-related emissions on human health and the environment are the main drivers behind this transition in public transport, according to the study.

The transport sector is responsible for 15 per cent of greenhouse gas emissions in Latin America and the Caribbean and is one of the main drivers of poor air quality in cities, which causes more than 300,000 premature deaths a year in the Americas, according to the World Health Organization.

“In recent months we have seen a reduction of air pollution in cities in the region due to lockdowns to prevent the spread of COVID-19. But these improvements are only temporary. We must undertake a structural change so that our transportation systems contribute to the sustainability of our cities,” says Leo Heileman, UNEP Regional Director in Latin America and the Caribbean.

The report calls on decision-makers to prioritize the electrification of public transport, especially when updating the old bus fleets that run through the large cities in the region. There is fear of a “technology lock-in” over the next 7 to 15 years if authorities choose to renew old fleets with new internal combustion vehicles that will continue to pollute the air and cause severe health damages.

Some countries are already paving the way to ensure a transition to sustainable transport. Chile, Colombia, Costa Rica, and Panamá have designed national strategies on electric mobility, while Argentina, Dominican Republic, México, Paraguay are finalizing their own plans, according to the report.

More than 6,000 new light-duty electric vehicles (EVs) were registered in Latin America and the Caribbean, between January 2016 and September 2019, according to the report. The need for charging infrastructure has boosted new ventures and services. For example, e-corridors, already running in Brazil, Chile, México, and Uruguay, allow users to extend the autonomy of their EVs by making use of public fast charging point networks.   

Shared mobility businesses focusing on electric bicycles and skateboards are also being developed in at least nine countries in the region.

The development of electric vehicle charging infrastructure has the potential to foster new investments and jobs, which are key to COVID-19 recovery efforts in the region. 

The report calls on governments to develop a clear medium- and long-term roadmap that provides legal certainty for private investment and highlights the role of sustainable mobility in power grid expansion plans, in line with climate commitments under the Paris Agreement.

The 2015 Agreement, signed to date by nearly 200 countries, aims to keep the global temperature rise well below 2 degrees Celsius above pre-industrial levels by the end of the century and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.

The report was produced with inputs from the Latin American Association for Sustainable Mobility (ALAMOS) and contributions from the Center for Urban Sustainability in Costa Rica.

Continue Reading

Newsdesk

ADB Becomes Observer for the Network for Greening the Financial System

Newsroom

Published

on

The Asian Development Bank (ADB) joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as an observer on 23 June.

NGFS, launched at the Paris One Planet Summit on 12 December 2017, is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilizing mainstream finance to support the transition toward a sustainable economy.

“NGFS is a valuable network to share ADB’s approaches and experience in addressing climate risk management in the financial sector,” said ADB Chief Economist Yasuyuki Sawada. “We look forward to learning from and contributing to the network as we continue our pursuit of a more green and sustainable future.”

“ADB’s operational experience in implementing climate finance targets as well as its expertise in mobilizing innovative finance to support the transition of emerging Asian countries into sustainable economies will be of great value in supporting the work of NGFS,” said NGFS Chair Frank Elderson.

ADB joins the ranks of the World Bank, the International Finance Corporation, the International Monetary Fund, and the Organisation for Economic Co-operation and Development as NGFS observers.

ADB’s inclusion to the NGFS is aligned with the goals in its corporate strategy, the Strategy 2030, particularly in tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; fostering regional cooperation and integration; and strengthening governance and institutional capacity.

Continue Reading

Publications

Latest

Reports52 mins ago

Russian Economy Faces Deep Recession Amid Global Pandemic and Oil Crisis

Fueled by a COVID-19 triggered deep global recession, Russia’s 2020 GDP growth is projected to contract by 6 percent, an...

Religion3 hours ago

Relentless Debate on Forced Conversions

Forced conversion is the illegal conversion of a person from one religion to another religion in duress, force, threat and...

Middle East5 hours ago

Russia in the Middle East: “Be with Us – and Remain Yourself”

Discussions about a country’s soft power are generally triggered by foreign policy crises or an urgent need to renew the...

Science & Technology8 hours ago

FLATOD-19 – Flexible Tourism Destinations: An innovative management tool for visitors and destinations

In the time of Covid-19 epidemic, the destinations of any kind, around the globe, must consider the probability of never...

Southeast Asia9 hours ago

Indonesia, Papua New Guinea and Australia amid the rising tide of secessionism in the region

Secessionist tendencies in Indonesia’s province of West Papua have recently been attracting a great deal of attention from experts and...

Europe11 hours ago

Origins of Future discussed – Vienna Process launched

The first July day of 2020 in Vienna sow marking the anniversary of Nuremberg Trials with the conference “From the...

Middle East13 hours ago

Al-Kadhimi’s government in its first test

On June 26, 2020, Iraq’s prime minister, Mostafa al-Kadhimi (MK), demanded the counter-terrorism forces head to a place located on...

Trending