India
In India, Climate Policy Initiative (CPI) develops innovative finance and policy solutions that support credible, equitable green growth and transition plans. Our work helps ensure that the Government of India, Development Finance Institutions, the private sector, and the overall Indian economy reach ambitious net-zero and sustainability goals. This work includes green finance, sustainable finance, renewable energy, and just energy transition.
Our work focuses on three thematic areas: enabling capital through managing funds and creating blended finance and risk management frameworks; promoting green and sustainable finance initiatives through monitoring finance flows and evaluating environmental impacts; and enabling a just transition through transforming electricity systems, reducing emissions, and creating a fair framework.
Among other research, analysis, and financial innovation efforts, we manage: the India window of the Global Innovation Lab for Climate Finance, an incubator for innovative climate finance instruments; the India Clean Energy Finance initiative, a program to mobilize debt financing for distributed solar energy; the India Pure Finance Facility, an initiative for promoting productive applications of Renewable Energy; and the India Center for Sustainable Finance, a knowledge and networking hub designed to accelerate India’s financial sector towards a more sustainable future.
Our expertise includes renewable energy, climate finance, sustainable transportation, industrial decarbonization, just transition, and greening the financial sector. Vivek Sen leads the team.
Featured work
Publication
Sustainable Finance Flows to India’s Agriculture Sector
This report introduces a comprehensive sustainable agriculture framework developed using a value-chain approach to analyze relevant sectors, activities, policies, and key initiatives. It provides a detailed examination of financial flows in the agriculture sector during FY1 2020–21 and FY 2021-22, offering insights into public and private finance sources, intermediaries, and end-use activities across the entire agriculture value chain.
Publication
Landscape of Green Finance in India 2024
The Landscape of Green Finance in India tracks flows to real economy sectors—clean energy, clean transportation, and energy efficiency—as well as to some adaptation sectors. The study considers both public and private sources of capital—domestic as well as international—to track the flow of finance from the source to the end beneficiaries through different instruments.
Publication
Just Transition to Zero-Emission Trucking in India
The “Just Transition to Zero-Emission Trucking in India” report explores the challenges and opportunities of shifting to battery-electric trucks.
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Latest work
Blog
Fast-tracking finance to abate India’s SLCPs
Short-lived climate pollutants (SLCPs) like methane, black carbon, and HFCs drive warming and pollution in India. Targeted action can quickly benefit climate, health, and food security, but progress is slowed by funding gaps, weak policies, and poor data. To accelerate SLCP cuts, India must align policies, boost blended finance, and scale tech in agriculture, waste, and fossil fuels. Dedicated funds, pooled bonds, and stronger collaboration can unlock investment, cut emissions, and build resilience.
Publication
Navigating the EV Shift: Opportunities and Challenges for Automotive MSMEs
While EV adoption dominates policy dialogues, the readiness of MSME suppliers remains underexplored. This study fills that gap by presenting insights from automotive component manufacturing (ACM) MSMEs. Through industry sentiment analysis, stakeholder consultations, and data-driven research, CPI evaluates disruptions, identifies barriers, and captures MSME expectations.
Blog
Transforming India's Climate Finance through Sector-Specific Financial Institutions Part 3
This final blog in our series on “Transforming India’s Climate Finance Landscape” spotlights a bold opportunity: establishing a Green and Transition Finance (GTF) Window within key state-owned FIs. Building on their legacy in the power sector, this initiative could unlock targeted capital flows for emissions reduction and clean tech adoption in hard-to-abate sectors. As India advances toward its net-zero targets, the GTF Window offers a critical pathway to scale green and transition finance, derisk projects, and attract global investment.
Blog
Evolution of Business Models to Support Zero-Emission Truck Adoption
Trucks contribute 45% of India’s road transport emissions, but high costs and financing barriers hinder zero-emission truck (ZET) adoption. Traditional models fall short, making Battery-as-a-Service (BaaS), battery swapping, and Truck-as-a-Service (TaaS) essential for reducing costs and enabling scalability. Explore how these models can drive India’s sustainable freight transition in our latest blog.
Blog
Transforming India's Climate Finance through Sector-Specific Financial Institutions Part 2
India’s shift to sustainable energy hinges on institutions like PFC and REC. With only a third of the INR 162.5 trillion needed for climate goals by 2030 currently flowing, these entities can close the gap by financing green tech, infrastructure, and transition projects. By diversifying portfolios, issuing green bonds, and aligning with global funds, they can accelerate the low-carbon transition while managing risks like stranded assets and shifting energy needs.
Publication
Scaling transition finance for green industrial transition of the Indian Iron & Steel sector
This discussion paper provides a comprehensive framework and actionable recommendations for scaling transition finance to support the green industrial transition of India’s iron and steel sector, addressing both the needs of primary and secondary steel producers.
