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


India’s lightbulb moment: Not using this crisis for meaningful energy sector reform would be a waste

May 12, 2020

Co-authored by Vibhav Nuwal, Himraj Dang, and Mahua Acharya

The trend of low power demand, now furthered in the post-COVID ...

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CPI appoints Dr. Barbara Buchner as Global Managing Director, Vikram Widge as Senior Advisor

January 27, 2020

January 27, 2019 - Today, Climate Policy Initiative (CPI) announces that Dr. Barbara Buchner will take on a new role ...

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The Lab’s 41 climate finance instruments accomplish $2 billion in sustainable investment

December 13, 2019

London – This week, as world leaders gather in Madrid for the UN’s COP 25 conference on climate change, the ...

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Webinar: The Lab Call for Ideas 2020

Webinar, December 3, 2019


The Global Innovation Lab for Climate Finance is currently accepting proposals ...

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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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