India
In India, Climate Policy Initiative (CPI) develops innovative finance and policy solutions that support credible, equitable green growth and transition plans. Our work helps ensure that the Government of India, Development Finance Institutions, the private sector, and the overall Indian economy reach ambitious net-zero and sustainability goals. This work includes green finance, sustainable finance, renewable energy, and just energy transition.
Our work focuses on three thematic areas: enabling capital through managing funds and creating blended finance and risk management frameworks; promoting green and sustainable finance initiatives through monitoring finance flows and evaluating environmental impacts; and enabling a just transition through transforming electricity systems, reducing emissions, and creating a fair framework.
Among other research, analysis, and financial innovation efforts, we manage: the India window of the Global Innovation Lab for Climate Finance, an incubator for innovative climate finance instruments; the India Clean Energy Finance initiative, a program to mobilize debt financing for distributed solar energy; the India Pure Finance Facility, an initiative for promoting productive applications of Renewable Energy; and the India Center for Sustainable Finance, a knowledge and networking hub designed to accelerate India’s financial sector towards a more sustainable future.
Our expertise includes renewable energy, climate finance, sustainable transportation, industrial decarbonization, just transition, and greening the financial sector. Vivek Sen leads the team.
Featured work
Publication
Sustainable Finance Flows to India’s Agriculture Sector
This report introduces a comprehensive sustainable agriculture framework developed using a value-chain approach to analyze relevant sectors, activities, policies, and key initiatives. It provides a detailed examination of financial flows in the agriculture sector during FY1 2020–21 and FY 2021-22, offering insights into public and private finance sources, intermediaries, and end-use activities across the entire agriculture value chain.
Publication
Landscape of Green Finance in India 2024
The Landscape of Green Finance in India tracks flows to real economy sectors—clean energy, clean transportation, and energy efficiency—as well as to some adaptation sectors. The study considers both public and private sources of capital—domestic as well as international—to track the flow of finance from the source to the end beneficiaries through different instruments.
Publication
Just Transition to Zero-Emission Trucking in India
The “Just Transition to Zero-Emission Trucking in India” report explores the challenges and opportunities of shifting to battery-electric trucks.
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Blog
Transforming India's Climate Finance through Sector-Specific Financial Institutions
India’s transition to a sustainable energy future relies on institutions like Power Finance Corporation (PFC) and REC Limited. As per CPI’s Landscape of Green Finance in India, the country needs INR 162.5 trillion ($2.5 trillion) by 2030 for its climate goals, yet current finance flows cover only a third of this. PFC and REC can bridge this gap by financing green technologies, infrastructure, and transition projects in hard-to-abate sectors. By diversifying portfolios, leveraging green bonds, and aligning with global climate funds, these institutions can drive India’s low-carbon transition while mitigating risks like stranded assets and evolving energy demands.
Publication
Scaling transition finance for green industrial transition of the Indian iron & steel sector
This discussion paper provides a comprehensive framework and actionable recommendations for scaling transition finance to support the green industrial transition of India’s iron and steel sector, addressing both the needs of primary and secondary steel producers.
Blog
Decarbonizing India's Steel Industry: How Transition Finance Can Help
India’s steel sector is the largest industrial emitter, contributing 10-12% of the country’s total carbon emissions. Learn how transition finance can enable a gradual shift toward low-carbon steel production, bridging the gap until commercially viable green technologies emerge.
Publication
The Energy Transition Opportunity: Emerging Green Jobs in Jharkhand
Jharkhand’s energy transition offers a significant chance to reshape its employment landscape, potentially creating thousands of green jobs across clean power, mobility, and green molecules sectors. This Climate Policy Initiative (CPI) report outlines two scenarios—Ambitious Policy Scenario (APS) and Accelerated Green Transition Scenario (AGTS)—projecting green job creation by 2030. With robust policies and investment. The report emphasizes strategic investments in green industries, skills development, and fostering industry-academia partnerships.
Publication
CoolPact Capital India Fund
The Sustana Cooling India Fund will invest USD 100m in early-stage cooling solutions in India. The country’s first blended capital equity fund focused exclusively on cooling de-risks and scales innovative cooling technologies, addressing climate change and UN Sustainable Development Goals
