OCTOBER 20249BOKARO & KARGALI TO GET NEW COAL PLANTS WITH 12M CAPACITYIFC OFFERS MONETARY ASSISTANCE TO SCALE GREEN PROJECTSUnion Minister of State for Coal and Mines, Satish Chandra Dubey, has laid the foundation stone for two major coal handling plants in the Bokaro and Kargali regions of Central Coalfields Limited (CCL)--the Karo Coal Handling Plant and the Konar Coal Handling Plant--with a combined annual handling capacity of 12 million tonnes. The initiative is expected to significantly improve coal transportation and support the government's energy goals.The Karo Coal Handling Plant, with a capacity of 7 million tonnes per annum, and the Konar Coal Handling Plant, capable of handling 5 million tonnes per annum, are designed to streamline and revolutionize coal transport in the region. These plants are crucial for achieving the government's First Mile Rail Connectivity project, which focuses on enhancing the efficiency of coal transportation from mines to the nearest railway circuits.The foundation ceremony saw the attendance of several dignitaries, including Giridih MP Chandra Prakash Chaudhary, Bermo MLA Kumar Jayamangal (Anoop Singh), Coal India Limited Chairman PM Prasad, and CCL Chairman and Managing Director Nilendu Kumar Singh, along with senior CCL officials, workers' union representatives, and other stakeholders. In his address, Minister Dubey highlighted the strategic importance of these projects for optimizing coal transportation networks, underscoring their role in supporting India's growing energy needs.The Konar Coal Handling Plant, built at a cost of Rs322 crore, is equipped with modern infrastructure including a hopper, crusher, a 10,000-tonne capacity storage bunker, and a 1.6 km conveyor belt. The plant will facilitate the rapid transfer of coal to railway wagons through a 1,000-tonne capacity silo bunker, reducing the rake loading time from five hours to just one hour, thereby expediting coal dispatch operations.Similarly, the Karo Coal Handling Plant, which has an investment of Rs 410 crore, includes a 15,000-tonne storage bunker, a 1 km conveyor belt, and a 4,000-tonne capacity silo bunker. This facility will also cut loading time to one hour, ensuring faster coal transport. These developments are expected to enhance coal dispatch efficiency, supporting India's growing energy demands while modernizing the transportation infrastructure. The International Finance Corporation (IFC), the private sector lending arm of the World Bank Group, has partnered with Axis Bank to provide a USD 500 million (approximately Rs 4,200 crore) loan to help develop a blue finance market and scale up the financing of green projects in India. This marks IFC's first-ever blue investment in India and the first blue transaction carried out by a financial institution in the country.Blue loans are financial instruments designated for projects aimed at sustainable water management, marine ecosystem restoration, waste water management, reduction of marine plastic pollution, sustainable shipping, eco-friendly tourism, and offshore renewable energy. This initiative also represents IFC's largest investment in green financing in India, according to the organization's statement. The funding will allow Axis Bank to expand its climate finance portfolio, particularly in areas related to blue and green initiatives.With India's rapid urbanization and economic growth, there are ample opportunities to enhance water and energy efficiency. The country's water and wastewater treatment market was valued at USD 1.6 billion in 2022 and is projected to grow to USD 3 billion by 2029. Additionally, the green building sector in India is expected to see an investment opportunity of USD 1.4 trillion by 2030, as sustainable infrastructure becomes a priority. Much of this funding is anticipated to come from the private sector due to limited public resources.IFC Managing Director Makhtar Diop expressed enthusiasm for the blue loan initiative, highlighting its role in catalyzing private sector investments and promoting a sustainable blue economy in India. He emphasized that India offers a unique environment to test innovative climate adaptation strategies. Similarly, Amitabh Chaudhry, Managing Director and CEO of Axis Bank emphasized the need for banks to adopt sustainable lending practices in light of the increasing impact of climate change on global ecosystems and the growing awareness of environmental sustainability.
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