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ndia’s has achieved significant progress in com- • Various National and State Action Plans on Cli-
bating climate change and major steps have mate Change (NAPCC and SAPCC) have been
Ibeen taken to achieve India’s development objec- initiated. Institutions such as IREDA (Indian
tives while addressing the threats posed by climate Renewable Energy Development Agency Ltd.),
change. IFCI (the erstwhile Industrial Finance Corpora-
As per a report by Bloomberg New Energy Finance, tion of India Ltd.) and SIDBI (Small Industries
India reserved the second position in global ranking Development Bank of India) have been setup to
in attractiveness for renewable sector investments, scale up financing and established the Solar En-
primarily coerced by its policy push towards increas- ergy Corporation of India (SECI) to facilitate im-
ing renewable energy. Further, it had the second plementation of national strategies. Innovative
biggest (2017) renewable energy investment market financial tools such as green bonds (issued by
among all such climate-conscious economies, draw- IREDA), infrastructure bonds (issued by private
ing USD 9.4 billion fresh funding. organization like L&T) are various incentives
The Government of India has estimated that USD implemented by the government. Regulatory
4.5 trillion is needed to meet India’s ambitious targets reforms can be incentives that are required to
for renewable energy and urban sustainability over provide long-term certainty and reduce invest-
the next ten years – around USD 450 million per year. ment risks.
Indian firms are also among the leading issuers of
green bonds. The major issuer in 2018, the State Bank External cooperation: Several developed countries
of India, increased its issuance by USD 150 mn to a and sovereign wealth funds are finding India as an at-
total of USD 650 mn. tracive market and are investing in the power sector
of developing countries. The share of such funds into
Funding sources India is rising compared to other Asian countries.

National budgets have allocated funds to climate Technology transfer and support: To create a mar-
related programmes, while international public funds ket for clean energy products, both finance and tech-
are supporting countries to mitigate greenhouse gas nology play a vital role in building the capacity of the
(GHG) emissions. economies. Climate change technology transfer gen-
• Creation of National Clean Energy Fund (NCEF) erally includes the following features:
was one of the major step in 2010-11. The fund • A focus on technologies that is applicable to the
was created for the purposes of financing and global response to potential climate change.
promoting clean energy initiatives, funding re- • Explicit prioritisation process in which relevant
search in the area of clean energy or for any stakeholders select the climate change technol-
other purpose relating thereto. Subsequently, ogies of greatest economic and social benefit to
the scope of the fund was expanded to include the recipient country.
clean environment initiatives also. • A focus on building the capacity of developing
• Various initiatives by the government (Minis- country partners to adapt, promote, and use the
try of Environment, Forest and Climate Change designated technologies
(MoEFCC) is successfully promoting the use of • Large-scale technology transfer can best be
NMMs (New market mechanisms), NAMAs (Na- achieved by facilitating private sector action to
tionally Appropriate Mitigation Actions) and oth- develop sustainable markets for clean energy
er mechanism to mitigate greenhouse gas emis- technology.
sions in India.

16 shaping new energy dimensions