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’s Asia Director, Mahua Acharya.

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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CPI’s India program is registered with the name, “Climate Policy Foundation” under Section 8 of the Companies Act, 2013.

What's New In India


From Banks to Capital Markets: Alternative Investment Funds as a Potential Pathway for Refinancing Clean Energy Debt in India

July 10, 2019

This design case study looks at various avenues for renewable energy to access capital markets in India. It shows that Alternative Investment Funds (AIFs) offer the best near and medium-term path to expanding renewable energy access to capital markets while more structural issues are addressed, and outlines how to design and take forward this instrument.

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CPI at Innovate4Climate 2019

Marina Bay Sands Expo and Convention Center, Singapore, June 4, 2019

Climate Policy Initiative will be hosting or speaking at several sessions during the World Bank Group's Innovate4Climate at the Marina ...

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Scaling up Green Finance in Asia: The Role of Policies and Regulations

Heng Mui Keng Terrace, Singapore, April 30, 2019

Climate Policy Initiative's Dhruba Purkayastha, Director, US-India Clean Energy Finance, will attend a workshop on "Scaling up Green Finance in ...

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US-India Clean Energy Finance initiative partners with PTC India Financial Services Limited to mobilize debt financing for distributed solar energy in India

April 9, 2019

On Thursday, April 4, 2019, the U.S.-India Clean Energy Finance (USICEF) initiative, India’s first project preparation facility ...

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World Sustainable Development Summit 2019

India Habitat Centre, New Delhi, February 11, 2019

Climate Policy Initiative's Dhruba Purkayastha, Director, US-India Clean Energy Finance and Labanya Prakash Jena, Manager will be speaking at the ...

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