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 in renewable energy and the barriers they face; second, explore policy solutions to these barriers; and third, develop actionable financial instruments and implementation pathways. 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

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What's New In India


Stanford Clean Energy Finance Forum

Stanford University, November 1, 2017

Stanford’s Precourt Institute for Energy will convene leaders in finance, policy, and industry to identify barriers and explore innovative ...

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Investor group launches new investment vehicles for clean energy in India

October 27, 2017

New Delhi, 26 October 2017 –

The India Innovation Lab for Green Finance – a group of investors and government representatives that ...

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How Big Dollars Are Catalyzing India’s Small-Scale Solar Market

October 23, 2017

In order to meet India’s energy access goals, distributed solar has to scale significantly. While there has been growth ...

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San Francisco, CA, October 11, 2017

On 11 October 2017, Dr. Gireesh Shrimali, Climate Policy Initiative's India Director participated in a panel discussion, "Done Deals - ...

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USICEF selects first round of grant recipients to catalyze distributed solar power in India

September 22, 2017

US-India Clean Energy Finance (USICEF) has selected the first class of project developers in Indian distributed solar power to receive ...

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