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GIZ Climate Finance India GIZ Climate Finance India

The Role of the Private Sector to Scale Up Climate Finance in India

India has taken substantial steps to achieve its development objectives while addressing the threats posed by climate change. The Government has introduced National and State Action Plans on Climate Change, set up new institutions such as IREDA to scale up financing and established the Solar Energy Corporation of India (SECI) to facilitate implementation of national strategies. However, reports from the Ministry of Finance and the Low Carbon Expert Group have found that India faces a multi-billion dollar funding gap to implement its climate plans. The reports acknowledge that the bulk of the investments required to implement India’s climate plans would come from the private sector.

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH contracted Ricardo-AEA and IIEC to review existing private climate finance flows in India and analyse the current challenges and opportunities for the private sector to scale up investment. A key part of the study was to develop a framework to define and measure private climate finance. A number of project developers, financiers, donors and government officials were consulted to obtain relevant information and discuss the findings