My research focuses on climate finance, sustainable investment strategies, and economic policy. By leveraging data-driven insights and financial modeling, I aim to contribute to the development of innovative financial solutions for a more sustainable future.
India’s National Critical Mineral Mission commits $4 billion to secure critical minerals essential for clean energy transition, though this is modest compared to global needs. The article outlines innovative financing approaches to overcome the sector’s high risks—including volatile prices and lengthy project timelines—that have limited India to using less than 10% of its mineral potential. […]
This paper contributes to existing climate finance literature by examining how firms’ proactive management of carbon risks affects market assessment of their credit risk. Using two quasiexogenous events involving the 2015 Paris Climate Agreement and the staggered implementation of U.S. state climate adaptation plans, we find that stronger carbon risk management is associated with significantly […]
The opinion piece, first published in The Hindu BusinessLine, examines how climate change is emerging as a significant threat to price stability and financial resilience in India, with the RBI’s April 2024 report highlighting its potential to raise headline inflation by about 100 basis points and decrease long-term economic output by 9% by 2050 without […]
This dissertation empirically examines two novel research issues: firm-level carbon risk management and corporate bond short selling. The first essay (Chapter 2) develops a firm-level carbon risk management score (CRMS) to evaluate corporate practices around carbon risk mitigation. The indicators for CRMS are extracted from a wider set of environmental risk management indicators and capture […]
The paper, admitted as an official input paper for the G20 Sustainable Finance Working Group during the Brazilian Presidency, examines how to enhance developing countries’ access to multilateral climate funds (MCFs). It analyzes the current global public climate finance architecture, noting that while public climate finance nearly doubled from 2013-2021 to US$73.1 billion, accessing these […]
The report examines Australia’s need for massive private investment to achieve its net-zero emissions target by 2050, requiring an estimated AUD1.5 trillion by 2030 and potentially AUD7-9 trillion by 2060. It analyzes the Clean Energy Finance Corporation (CEFC), Australia’s green bank with a AUD30.5 billion capital base, which achieved an impressive private capital mobilization rate […]
The report examines how Macquarie Group’s nearly A$5 billion investments in oil and gas companies contradict its commitment to net zero emissions by 2050 and the 1.5°C global warming goal. Despite being a Net Zero Banking Alliance (NZBA) signatory since October 2021, Macquarie has made significant investments in companies with aggressive expansion plans, including a […]
An abridged version of this article, first published in The Hindu BusinessLine, examines the Reserve Bank of India’s crucial role in enabling India’s energy transition, which requires approximately US$10 trillion in investments to achieve net-zero targets by 2070. Drawing from global central bank experiences, it analyzes RBI’s recent report proposing measures like lowering borrowing costs […]
The report highlights that over 200 major financial institutions have established coal exclusion policies, with Europe leading (114 institutions) followed by Asia-Pacific (53 institutions). Despite record coal company profits during the energy crisis, divestment momentum has accelerated in the past two years, driven by climate action and recognition of climate risk as a systemic financial […]
The article discusses SEBI’s revised regulations for green debt securities, highlighting key improvements that align with global green finance guidelines. The most significant change is the mandatory requirement for independent third-party reviewers/certifiers for both pre- and post-green bond issuance, which exceeds International Capital Market Association (ICMA) recommendations. The guidelines require alignment with international green taxonomies, […]