Edelweiss Financial Services Ltd (EFSL) on Monday (September 11) said its subsidiary Edelweiss Alternative Asset Advisors Ltd is launching its first climate fund.

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The fund is committed to supporting India's ambition for a carbon-neutral economy and boosting efforts to calm the climate on Earth by transitioning to renewables.

Edelweiss Alternatives’ Climate Fund will invest in a wide array of climate-related projects — ranging from climate mitigation to climate adaptation like renewable energy, transmission infrastructure, EV infrastructure, green infrastructure, water treatment, transport decarbonisation, industrial decarbonisation, and any such other related verticals.

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The fund would offer investors a long-term investment vehicle and a chance to participate in the world's sustainable energy transition. It is looking to generate steady returns.

Venkat Ramaswamy, Chairman of Edelweiss Alternatives, said this fund will endeavour to support India’s vision towards building a net-zero economy. The launch of Edelweiss Alternatives’ Climate Fund reflects our determination towards building a sustainable future for our citizens, and the rest of the world, he said.

Shares of Edelweiss Financial Services Ltd ended at Rs 57.13, up by Rs 0.17, or 0.30 percent, on the BSE.

(Edited by : Shoma Bhattacharjee)