The report examines how NTPC and Tata Power need massive capital to transform into clean energy companies, requiring access to foreign capital markets through sustainability-linked bonds and loans. To achieve India’s 2070 net-zero target, which needs US$10.1 trillion (with US$8.4 trillion for the energy sector alone), these companies must establish science-based emissions reduction frameworks. Currently, both companies’ targets fall short of global peers like Enel – NTPC aims for only 17% emissions reduction by 2032 versus Enel’s 80% by 2030, while Tata Power targets 20% by 2030. The report recommends both companies create formal sustainability-linked finance frameworks with science-based targets to unlock new capital sources, while also addressing their current coal assets – NTPC needs to accelerate coal plant decommissioning and stop new construction, while Tata Power must expedite plant closures and exit Indonesian coal investments.