India has ambitious renewable energy targets to meet growing energy demand. However, CPI analysis shows that the cost of debt in India increases the cost of renewable energy by as much as a third relative to the U.S. and Europe and is a significant challenge to these targets.


Our Focus

Climate Policy Initiative’s team in India works to increase investment to India’s renewable energy and green growth targets through a three-pillar approach: first, understand potential investors and the barriers they face; second, explore policy solutions to these barriers; and third, develop financial instrument solutions to these barriers. We work with the Ministry of New and Renewable Energy, the Ministry of Finance, and other policymakers to help advance India towards its clean development goals. The team is led by CPI Director Dr. Gireesh Shrimali.

Key Projects

  • The India Innovation Lab for Green Finance is a public-private initiative, led by CPI, to seek out and help implement novel solutions for unlocking and scaling up investment for green infrastructure in India. By addressing investors’ needs, it aims to drive new private investment for clean growth.
  • The US-India Clean Energy Finance (USICEF) initiative aims to drive access to energy in underserved regions of India, by supporting early stage development of distributed solar power projects. A partnership between the Indian Ministry of New and Renewable Energy, the Overseas Private Investment Corporation (OPIC), and a consortium of US foundations, USICEF provides project preparation support that will catalyze long-term debt financing for distributed solar power from OPIC and other international financial institutions. CPI serves as the Program Manager.
  • Institutional investors, both international and domestic, are the most promising investor class to help fill the investment gap between the amount of investment expected vs. required to meet India’s 2022 renewable energy targets. CPI analyzed their potential in detail, as well as barriers and recommended solutions to drive more institutional investment.

Partner Institutions

Logo for the Indian School of BusinessICRIER LOGO_Page_2

What's New In India


Energy Needs of Indian Railways: Emerging Requirements, Strategies and Solutions

The Lalit Hotel, New Delhi, April 6, 2017

Climate Policy Initiative (CPI) Consultant Charith Konda presented the key findings of the report, Decarbonization of Indian Railways: Assessing Balancing ...

Read More


Decarbonization of Indian Railways: Assessing Balancing Costs and Policy Risks

April 5, 2017

Complete decarbonization of the electricity demand of Indian Railways (IR) – transitioning from the current, largely fossil-fuel based energy mix to clean energy like solar and wind power – is likely to have multiple benefits. These include support in achieving India’s clean energy targets, enhancing India’s energy security, and reducing IR’s operational costs.

Read More


New class of transformative green finance instruments for India

February 24, 2017

New Delhi – The India Innovation Lab for Green Finance has selected three new ideas for green finance instruments to move ...

Read More


Reaching India’s Renewable Energy Targets: The Role of Institutional Investors

December 21, 2016

India has ambitious renewable energy targets of 175GW by 2022. In order to meet this target, the renewable energy sector in India will require $189 billion in additional investment, including $57 billion in equity, and $132 billion in debt. The potential amount of investment in the renewable energy sector in India is more than double the investment required. However, the amount of investment expected falls short of the investment required, by 29% for equity and 27% for debt. Institutional investors show significant potential to help fill this financing gap.

Read More


OPIC, the Government of India and Leading Foundations Announce New US-India Clean Energy Finance Initiative

December 16, 2016

Delhi, India, 16 December 2016—Today, during a signing ceremony at the Taj Mahal Hotel in Delhi, US-India Clean Energy ...

Read More