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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Latest work
Publication
Carbon Rating Framework - Phase 2
The Carbon Rating Framework Phase 2 builds on Climate Policy Initiative’s ongoing effort to integrate emissions performance into financial decision-making. As India advances toward its net-zero and Paris Alignment goals, the financial sector faces growing demand for tools that can systematically assess whether corporate activities align with these targets.
Publication
Tapping the Potential of Agriphotovoltaics in India
This joint study by CPI and the PFI presents the first detailed policy, regulatory, and financial analysis of Agriphotovoltaics in India. The report sets out a multi-stakeholder roadmap to unlock deployment, recommending reforms in procurement, land-use policy, tariff design, and financing.
Publication
Green Investment Opportunities in India
The 2025 Green Investment Opportunities in India report by CPI and IIC maps near-term, climate-relevant, and economically viable investment opportunities across clean energy, resilience, and decarbonization sectors.
Blog
Microfinance for Climate Action
Microfinance, with its deep community roots, can bridge climate vulnerability and green growth. By enabling climate-smart livelihoods, clean energy access, and risk protection for low-income households, MFIs can simultaneously build resilience for clients and unlock new pathways for sustainable finance.
Publication
Roadmap for an Automotive Component Technology Upgradation Financing Facility
India’s transition to electric mobility presents a decisive window to build an advanced domestic manufacturing ecosystem while safeguarding jobs and competitiveness across the auto-component supply chain. Climate Policy Initiative (CPI) assesses that micro-, small-, and medium-sized enterprises (MSMEs), which act as the backbone of the automotive component industry, must rapidly upgrade their technology, processes, and skills to participate effectively in electric vehicle (EV) value chains.
Blog
Fast-tracking finance to abate India’s SLCPs
Short-lived climate pollutants (SLCPs) like methane, black carbon, and HFCs drive warming and pollution in India. Targeted action can quickly benefit climate, health, and food security, but progress is slowed by funding gaps, weak policies, and poor data. To accelerate SLCP cuts, India must align policies, boost blended finance, and scale tech in agriculture, waste, and fossil fuels. Dedicated funds, pooled bonds, and stronger collaboration can unlock investment, cut emissions, and build resilience.
