Through the #ImpactOnClimate-series, Incofin shares examples on how financial inclusion can advance climate-smart solutions and drive inclusive progress. A series of impactful projects of all shapes and sizes in emerging countries that address climate change, and help people adapt to and be more resilient to climate hazards. We at Incofin hope these stories of entrepreneurs, of financial institutions, of cooperatives, of impact organisations around the world can inspire how impact investors can contribute to a sustainable transition to a climate resilient economy.

Climate change is now. We must ensure that the most susceptible to the impacts of climate change – who are often already among the most vulnerable – are not left behind. Climate change is as much an environmental challenge as it is one of livelihood and social justice. Low-income communities (not the least women in those communities) are on the frontline of the dire effects of climate change. With the proper financial and technical solutions they are able to adapt, build resilience and mitigate climate change. Financial inclusion is well positioned to play a key role in empowering low-income vulnerable populations to adapt to climate change.

In this first episode, we take you to India and introduce you to Mufin Green Finance, pioneer in climate financing solutions in India.

The company’s mission is not only to bring about an environmental transformation, but also to create a positive social impact in India (financial inclusion and climate sustainability).

Mufin Green is a leading provider of loans for income generation through electric vehicles (EV), charging infrastructure and swappable batteries. By propelling the electrification of the transport sector in India, Mufin Green has managed to reduce over 100,000 tonnes of CO2 emissions since its inception in 2016. This has not only impacted the carbon footprint reduction, but has also resulted in financial inclusion, more income generation, and women empowerment.  

One of the e-rickshaw drivers supported by Mufin Green is Mustaqi Imad. She used to stay at home to take care of the household, but since her husband passed away, she had to look for a new source of income to take care of her four children. She knocked on Mufin’s door and today she is the proud owner and driver of an electric rickshaw. This activity generates a stable income for her and her family.

“I first drove a diesel rickshaw, but it became increasingly costly due to rising fuel prices. Moreover, it also made a lot  of noise and the driver’s seat would become uncomfortably hot, especially in summer with outside temperatures as high as 40 to 45 degrees. This e-rickshaw stays cool, doesn’t make much noise, and is a lot cheaper to use.”

In fact, by 2050, 215 million urban, low-income people will be exposed to average summer temperatures above 35°C. On the front line, India experienced record heat waves last summer, reaching over 49°C in some parts of the country.

Because of Mufin Green’s crucial role in boosting the importance of electric mobility in India while including more vulnerable populations, Incofin made an investment in the company through its India Progress Fund in 2022.

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