In March 2024, Mizuho Bank, Ltd. announced a USD 5 million equity investment in Ideation3X Pte. Ltd. (i3X), a Singapore-based venture company pioneering circular economy approaches to waste management in India. This investment, funded through Mizuho’s Value Co-creation Investment Facility, aims to address critical issues in integrated solid waste management while supporting India’s shift towards a net-zero economy.
i3X’s approach focuses on efficient waste disposal and recycling, as well as converting waste into alternative diesel fuels (ADFs). These ADFs are supplied as boiler fuel to major manufacturing plants, warehouses, hospitals, and other facilities.
The Indian government’s Clean India Mission fosters a supportive environment for investment in innovative waste management solutions. The mission aims to enhance the environmental conditions of cities across India by eradicating landfill waste accumulation by 2030 and establishing a circular economy model for waste management.
By 2026, the company projects that its operations will reduce CO2 emissions by 4.9 million tonnes, by lowering methane gas emissions from landfills, decreasing the overall carbon footprint related to waste management in India, and offering alternatives to fossil fuels. This reduction is equivalent to eliminating emissions from 1 million internal combustion engine cars for a year.
Read more on Mizuho’s net-zero targets here.
This case study was originally published in the Net-Zero Banking Alliance 2024 Progress Report (October 2024).
Disclaimer: NZBA shares case studies to promote member banks’ awareness of new approaches, tools, products, services, and transactions related to financing the transition to net zero. Featuring a case study naming a particular bank does not represent an endorsement of all actions from that bank.