The Government of India has made it a national priority to drive development and access to electricity through cleaner means of growth. India is committing to ambitious targets for measures such as renewable energy and energy efficiency, most recently pledging that 40% of its cumulative electricity generation capacity will come from non-fossil fuel sources by 2030. These ambitions are good for the economy, the climate, and for the 300 million people who lack access to electricity in India.
Because of these goals, there has never been a more important time to scale up finance for the green infrastructure that will support cleaner growth. India will need more capital, and at attractive terms, in order to build the infrastructure required. Increasing investment from the private sector – through investment vehicles that better match their needs – and leveraging more investment from the public sector will be essential to driving the country’s cleaner growth.
The India Innovation Lab for Green Finance has been developed in response to this need for better investment vehicles for green infrastructure.
The India Innovation Lab for Green Finance, launched in November 2015, is a public-private initiative that identifies, develops, and accelerates innovative solutions to finance green infrastructure for renewable energy (including utility scale, distributed, and off-grid), energy efficiency, urbanization, and other channels for green growth.
It is a unique initiative that aims to provide concrete solutions to the unique financing challenges to investment in green infrastructure in India. By addressing investors’ needs, it can unlock new investment for clean growth in India. The India Innovation Lab for Green Finance builds on a sister initiative that operates at the global level, the Global Innovation Lab for Climate Finance.
Partners and Funders
The India Innovation Lab for Green Finance is comprised of expert members from government, financial institutions, and project developers, and together these members identify and help develop the next wave of cutting-edge finance instruments. They bring deep experience and expertise in the political, financial, and technical challenges and opportunities for clean growth in India.
The Indian Ministry of New and Renewable Energy has endorsed the India Innovation Lab, and is a key partner.
The India Innovation Lab is hosted and funded by Shakti Sustainable Energy Foundation, with additional financial support from the David and Lucile Packard Foundation, Oak Foundation, and the UK Government. Climate Policy Initiative, based in Delhi, serves as the Secretariat and analytical provider.