The India Innovation Lab for Green Finance (the India Lab) announced endorsement of three innovative investment vehicles that will help drive millions of dollars of needed investment to India’s clean energy and green growth targets. This announcement is in partnership with the India Lab’s public and private Lab Members, including the Indian Ministry of New and Renewable Energy, the Ministry of Finance, the Indian Renewable Energy Development Agency (IREDA), the Asian Development Bank, ReNew Power, the World Bank, and the development agencies of the French, UK, and US governments, among others.
The three endorsed instruments, which were selected from among a highly competitive pool, and refined and developed over the course of a year, will now move forward for piloting in India with the support of the India Lab’s members. They include a rooftop solar financing facility, a new lending platform for green investments, and a currency exchange instrument.
The India Lab also announced today that a new call for ideas for innovative green finance instruments is now open for the India Lab’s 2016-2017 cycle. The call for ideas is open to everyone and the deadline is December 23, 2016, at www.climatefinanceideas.org
“The investment vehicles launched by the India Innovation Lab for Green Finance today show significant potential to catalyze investment to India’s renewable energy targets. They offer exciting new investment opportunities to help accelerate clean energy in India.” – Mr. Santosh Vaidya, IAS, Joint Secretary, Ministry of New and Renewable Energy
“Driving investment for renewable energy and energy efficiency in India will be crucial in the next several years. These green finance instruments endorsed by the India Lab can go a long way towards that goal.” – Mr. Krishan Dhawan, CEO, Shakti Sustainable Energy Foundation and Host of the India Innovation Lab for Green Finance
“Our analysis for the India Lab has demonstrated that these three green finance instruments can overcome investment barriers and better meet the needs of investors interested in opportunities in clean energy and green growth in India. Together, these pilots can drive millions in new investment.” – Dr. Gireesh Shrimali, India Lab Secretariat and Director of Climate Policy Initiative in India
The new instruments endorsed by the India Lab today are:
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