The Clean Energy Finance and Investment Roadmap of India is one of the key outputs of the Organisation for Economic Co-operation and Development (OECD) Clean Energy Finance and Investment Mobilisation (CEFIM) programme. The CEFIM programme aims to support governments in emerging economies in South and Southeast Asia, Latin America and Africa to enable finance and investment in renewable electricity, energy efficiency and decarbonisation of industry (“clean energy”).
Building on fruitful co-operation between the Government of India and the OECD, this Roadmap supports India’s efforts to realise its clean energy transition by providing a comprehensive overview of barriers and challenges to clean energy finance and investment, highlighting solutions to address risks and suggesting financing instruments that can help attract private capital for India’s clean energy ambitions. Notably, this Roadmap identifies opportunities to scale up clean energy finance and investment for energy efficiency measures with a focus on micro, small and medium enterprises (MSMEs), offshore wind and green hydrogen production.
This report is an output of the OECD Environment Policy Committee (EPOC) and its Working Party on Climate, Investment and Development (WPCID). It was prepared with the support of the Natural Resources Defense Council (NRDC). It is authored by Joseph Cordonnier, Chetna Hareesh Kumar (OECD) and John Dulac (former OECD). Cecilia Tam, Team Leader of the CEFIM programme, oversaw the Roadmap process under the OECD CEFIM-India partnership. The Roadmap was developed under the lead of John Dulac and Poonam Sandhu (NRCD). The work was conducted under the overall supervision of Walid Oueslati, Acting Head of the Environment, Transitions and Resilience Division of the OECD’s Environment Directorate.
The OECD and NRDC are grateful to the Government of India for its co-operation in preparing this Roadmap. Particular thanks is due to the Roadmap Steering Committee members: Shri Dinesh Jagdale, Joint Secretary of the Ministry of New and Renewable Energy (MNRE) and Shri Aseem Kumar, Director (MNRE); Shri Suman Chatterjee, Deputy Secretary of the Ministry of Power; Shri Abhay Bakre, Director General of the Bureau of Energy Efficiency (BEE), Shri R.K. Rai, Secretary (BEE), Shri Ashok Kumar, Deputy Director General (BEE), and Shri Arijit Sengupta, Director of International Cooperation (BEE); Md. Noor Rahman Sheikh, Joint Secretary of the Ministry of External Affairs (MEA); Shri Anand Kumar, Director at the Ministry of Finance Department of Economic Affairs (DEA); Shrimati Kanchan Bhalla, Deputy General Manager, of the Indian Renewable Energy Development Agency (IREDA), and Shri Ekansh Chaturvedi, Manager, Technical Services (IREDA); and Shri Rajnath Ram of the National Institution for Transforming India (NITI Aayog).
Additional thanks is due to the renewable energy and energy efficiency working group members under the Roadmap Steering Committee: Chalapathi Rao, Chandan Kumar, Prabir Kumar Dash, Dipesh Pherwani, Prashant Dwivedi, Rahul Rawat and Rishikesh Vaishnav (MNRE); Vineeta Kanwal, Richa Mishra, N Ganeshan, Malvi Mehrotra, Bibek Ranjan Patnaik and VK Srivastava (BEE); Kaumudi Sharma (DEA); Kannan Balaraman and Rajesh Katyal of the National Institute of Wind Energy (NIWE); Jai Prakash Singh of the National Institute of Solar Energy (NISE); Nikhil Gakkhar of the National Institute of Bio-Energy (NIBE); Abhik Debbarma (IREDA); Jatindra Nath Swain and Shailesh Kumar Mishra of the Solar Energy Corporation of India (SECI); Rajiv Kumar and Pawan Kumar Bharti of the Small Industries Development Bank of India (SIDBI); Gagan Sidhu, Arjun Dutt, Tirtha Biswas and Rhudi Pradhan of the Council on Energy, Environment and Water (CEEW); Saurabh Kumar of Energy Efficiency Services Limited (EESL); Deepak Jain of the Power Finance Corporation (PFC); Chandrakant Salunkhe of the Small and Medium Enterprise (SME) Chamber of India; and Nisha Jayaram of the Confederation of Indian Industry (CII).
The OECD and NRDC would also like to give special thanks to Francis Jayasurya of the Global Wind Energy Council (GWEC), Amrit Singh Deo (FTI Consulting) of the India Hydrogen Alliance (IH2A), and Bhaskar Natarajan of the Alliance for an Energy Efficient Economy (AEEE), for their invaluable support throughout the Roadmap process and in carrying out consultations with key stakeholders.
This Roadmap benefitted from broad consultations with a wide range of stakeholders and with inputs from participants during the three Roadmap workshops and the review process. The OECD and NRDC are grateful for the many contributions, insights and comments from: Benjamin Denis, Alisée Pornet and Kedar Sawant (Agence Française de Développement); Satish Kumar and Deepak Tewari (AEEE); Ritu Lal (Amplus Solar); Manish Verma (Apraava Energy); Manohari Gunawardhena, Takuya Hoshino, Ashish Jindal, Takeo Konishi, Keerthi Kumar Challa, Emma Marsden, Sabyasachi Mitra, Pradeep Perera and Kenichi Yokoyama (Asian Development Bank); Rohit Shukla (Aura Safety & Risk Consultants); Narsimha Mummedy, Shivanand Nimbargi, Sharat Ranjan and Anirudh Somnath (Ayana Power); Kiran Singh (Bank of Maharashtra); Daniel Magallón (BASE Foundation); Niels Kristian Roejkjaer (Center of Excellence for Offshore Wind); Pooja Aswani, Baljinder Khurana, Jayant Prasad and Harshit Sharma (cKers Finance); Neha Kumar (Climate Bonds Initiative); Neha Khanna and Dhruba Purkayastha (Climate Policy Initiative); Kiran Ananth, Srishti Ashish, Babu Khan, Jyoti Mukul, Swati Pandey, Surender Rai and Sushmit Roy (CII);, Robert Helms, Niels Holst and Martina Tonizzo (Copenhagen Infrastructure Partners); Keld Bennetsen (Copenhagen Offshore Partners); Amit Kakde (COWI Consulting Engineers and Planners); Simon Engfred Larsen (Danish Energy Agency); Matthew Delany, Rasmus Kristiansen and Jonas Millqvist (Danish Export Credit Agency); Sunita Awadh, Sunil Sharma and Ranjeet Sinha (Darashaw and Company Private Limited); Sabreen Ahmed and Piyush Sharma (Deutsche Gesellschaft für Internationale Zusammenarbeit); Alok Kumar (DNV GL); Madhura Joshi (E3G); Mrinal Bhaskar, Sumit Gaurav, Manoj Kumar and Girja Shankar (Energy Efficiency Services Limited); Adil Daruvala, Clare Heuer and Desikan Sundararajan (Equinor); Utkarsh Mathur (Ernst & Young); Heloïse Gornall-Thode (European Investment Bank); Delphine Brissonneau, Edwin Koekoek, Laurent LeDanois and Smita Singh (European External Action Service); Shikha Jain and Rita Roy Choudhury (Federation of Indian Chambers of Commerce & Industry); Chinmaya Acharya, Daniel Bradley, Priya Joshi, Monika Khanna, Neha Khosla and Srijith Menon (Foreign, Commonwealth and Development Office of the United Kingdom); Upendra Tripathy (Former and Founding Director General at the International Solar Alliance and former Secretary to the Government of India); Rakesh Aulaya, Devanshu Jain, Subhodeep Jash and Kerban Rajdeo (FTI Consulting); Sahil Chadha (Geostat); Rajendra Narkhede (Gexcon India); Raj Sekhar (Global Leadership Partners); Alastair Dutton, Anjali Lathigara, Joyce Lee, Martand Shardul and Rebecca Williams (Global Wind Energy Council); Jeewan Prakash Gupta, Dilip Jawale, Karen Landmark and Sturle Pederson (Greenstat); Raghav Handa (HSBC); Daria Nochevnik (Hydrogen Council ); Umesh Sahdev (Hydrogenium Resources Pvt. Ltd); Ashok Yadav and Philip K P (IREDA); Piotr Bojek, Hana Chambers, Sofia Rodriguez, Cornelia Schenk and Disha Sharma (International Energy Agency); Ankita Bagri, Jahangir Sohrabzadeh and Aastha Tandon (International Finance Corporation); Herib Blanco (International Renewable Energy Agency); Gaurav Daga (Invest Tamil Nadu); Sunny Mehta (ITEN Media); Ankit Agarwal, Tatsuya Fuji and Toshihiko Kurihara (Japan Bank for International Cooperation); Kunro Hino and Aditi Puri (Japan International Cooperation Agency); Bikash Chowdhury (JSW Energy); Rukmini Parthasarathy and Ramana Reddy (KfW); Pandiarajan Sangappan (Leap Green Energy); Prasad Tanikella (LM Wind Power); Sidharth Jain (MEC Intelligence); Sahil Sharma (Ministry of Foreign Affairs of Denmark); Robert Johnson, KH Leow, Jonathan NeWin and Amanpreet Singh (Mitsubishi UFJ Financial Group); Anya Bharadwaj, Ashvini Kumar, Swati Narula and Akhilesh Tilotia (National Investment and Infrastructure Fund); Akanksha Golchha (NRDC); Jawahar Lal (NITI Aayog); Mangaljyoti Meena (Nordex Group); Lalit Birla (O2 Power); Jorge Goas and Adrian Maqueda (Ocean Winds); Andrew Ho, Pushpanjali Prasad, Ulrick Stridbeck and Øyvind Vessia (Ørsted); Naveen Seth, Devika Sharma and Kanchan Zutshi (PHD Chamber of Commerce and Industry); Mahendra Rustagi (Pioneer Polyleathers Ltd); Charu Kaistha and P.K. Sinha (Power Finance Corporation); Vibhash Garg and Vaibhav Singh (PricewaterhouseCoopers); Arvind Kumar (Punjab National Bank); Nipun Dhingra, Sandeep Rawat and Mahesh Sikaria (Reliance Industries Limited); Shashank Adlakha, Aditi Garg, Deepak Gupta, Anurag Kumar, Balram Mehta, Ishan Nagpal, Kuhoo Saxena, Nagesh Sayam and Vivek Singla (ReNew Power); Matthew Dickie, Markus Kösters, Shreyas Rajagopalan and Prithviraj Sisodia (RWE); Sandip Gandhi, Neshan Jain and Sahil Sood (Shell); Gurunathan Arumugasamy and Jaganathan Nagapattinam Suri (Siemens Gamesa); Pawan Kumar Bharti, Santhosh K R, Ravindra Kumar Singh and Pranava Piyush (SIDBI); Narayan Hari, Ravi Kaushal, Udit Vij and Sanjay Wankar (State Bank of India); Henrik Stiesdal (Stiesdal); Giorgia Pasqualetto (Sustainable Energy for All); Swati Bharadwaj, Mudit Jain and Pankaj Sindwani (Tata Cleantech Capital Limited); Nupur Atarthi, Ganesh Bagave, Ramesh C, Vivek Dhakar, Swati Mehendale, Rahul Ranade, Paresh Sahasrabudhe, Rajiv Samant, Somnath Sinha and Vishnu Tripathi (Tata Power); Sunil Dhingra, Sachin Kumar and Girish Sethi (The Energy and Resources Institute India); Mathis Benéteau and Thomas Salez (DG Trésor France); Romanas Savickas (United Nations Environment Copenhagen Climate Centre); Debajit Das and Niranjan Deevela (United Nations Industrial Development Organisation); Mahmoud Jardaneh and Tavleen Kaur (United States Department of Energy); John Speaks (United States Department of State); Bill Block and Tiffany Munoz-Zegarra (United States Treasury); Ashok Kumar (URS Verification Private Limited); Wadia Fruergaard, Morten Soerensen and Amar Variawa (Vestas); Ajay Devaraj (Wind Pro); Abhishek Bhaskar, Mani Khurana, Oliver Knight and Mark Leybourne (World Bank); Kajol, Deepak Krishnan, Soham Kshirsagar, Vaisakh Kumar, Guncha Munjal and Ashim Roy (World Resources Institute); Gaurang Gupta and Vijeta Sheth (YES Bank Limited).
The OECD is thankful to the numerous experts and advisors from OECD member countries and their embassies working in India, who were supportive throughout the Roadmap process. Special thanks are due to His Excellency Freddy Svane, Ambassador of Denmark to India, and to Mr. Peter Bertrand and Mr. Kim Cook of the Danish Embassy in India for their support of this Roadmap. We are also grateful to Eleanor Criswell, team leader for the 26th Conference of the Parties (COP26) Energy Transition Council (ETC) at the United Kingdom’s Department for Business, Energy and Industrial Strategy (BEIS), and to Sally Taylor and Sanyukta Das Gupta of the British High Commission in India, for their kind support in organising dialogues with the ETC members and international donors working in India.
The authors thank Dominique Haleva (OECD) for administrative support and editorial assistance. Kriti Peter Seghal (NRDC) provided administrative support and helped facilitate the Roadmap workshops. Thanks are also due to Ines Reale and Nassera Belkhiter (OECD) for their support in running the online workshop events.
This Roadmap was made possible through the generous contribution of Denmark.