Thematic Track: Climate Finance: Catalyst for India's Energy Transition

The partner thematic session titled, “Climate Finance: Catalyst for India’s Energy Transition” was curated by Tata Capital. The discussion was centred around climate finance as a catalyst for economic growth and innovation and the possible mechanisms to raise money for energy transition. The industry experts analysed the nuances of climate finance and its role in steering India towards sustainable energy. The discourse spanned the essence and urgency of climate finance, instruments of green finance, strategies for climate mitigation through financial channels, and the synergy of collective endeavours. The discussion explored the current landscape of India’s renewable energy sector, the government’s active policies, and the green finance mechanisms at play. Technology stabilization, flow of public resources in project preparation along with instruments of credit enhancement, blended finance and multidisciplinary actions can provide a seamless transition of energy in India. The necessity of climate finance was underscored as critical for India to meet its ambitious renewable energy objectives, transitioning effectively from conventional fossil fuels to greener alternatives. The dialogue further explored the imbalance between the supply of and demand for these funds, stressing the need for bridging this gap through strategic initiatives and policy frameworks. The conversation highlighted the government’s current initiatives and schemes designed to bolster the renewable market, alongside discussing the potential of green finance instruments in mobilizing necessary funds.

The panel advocated for integrated actions among stakeholders—governments, financial entities, and the corporate sector—to amplify the impact of climate finance. This collaborative approach is envisioned to accelerate India’s transition to renewable energy, aligning with global efforts to combat climate change and promoting a sustainable and resilient energy future. A pronounced need for a robust legal framework with central laws in place of policies for energy related projects was highlighted with the creation of a 2-way credit system where participation of retail investors are encouraged and integrated into the ecosystem.

The session concluded by underscoring the imperative of climate finance as not just a financial mechanism, but as a transformative force driving India’s energy transition, spotlighting the intertwined challenges and prospects within the renewable sector and beyond.

Thematic Track: Climate Finance: Catalyst for India's Energy Transition
WSDS 2024 | Group C | Magnolia
Speakers
• Mr P R Jaishankar, Managing Director, India Infrastructure Finance Company Limited
• Mr Parag Sharma, Founder and CEO, O2 Power
• Mr Virender Pankaj, CEO, Aseem Infrastructure Finance
• Mr Saurabh Kumar, Vice President - India, The Global Energy Alliance for People and Planet
• Mr Sanjeev Aggarwal, Chairman, Hexa Climate
Moderator
• Mr Pankaj Sindwani, Chief Business Officer, Cleantech Finance, Tata Capital and Managing Partner, Tata Capital Cleantech AIF

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