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.
The article proposes sustainability-linked green bonds (SLGBs) as a solution for India to balance its growing energy needs with climate goals while addressing the sensitive issue of coal power plant retirement. It suggests that private utilities controlling 35% (73 GW) of India’s coal capacity could use SLGBs to finance the repurposing of coal plants into […]
The article discusses how India’s 63 million MSMEs, which contribute 30% of GDP and consume 20-25% of industrial energy, struggle to access financing for decarbonization despite high energy costs (10-30% of production costs). It proposes a green finance platform governed by SIDBI to help MSMEs access green bond capital, leveraging SIDBI’s AAA credit rating and […]
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, […]
The article argues that India needs a green taxonomy to address two major issues in sustainable finance markets: capital not reaching needed assets and greenwashing. With banks holding US$2.5 trillion in assets and insurance companies managing Rs49 trillion (US$636 billion), India’s financial institutions need clear guidelines to assess climate risks and align investments with sustainability […]
India aims for a renewable energy target of 175 GW by 2022, including 40 GW from rooftop solar, requiring an estimated USD 39 billion to achieve, with only 1.25 GW currently installed. This paper, developed by Climate Policy Initiative (CPI), Stockholm Environment Institute (SEI), and ICRIER, proposes using municipal bonds to finance rooftop solar projects. […]
This report analyzes pathways for decarbonizing Indian Railways (IR), the world’s second largest railway network and India’s largest electricity consumer. The study finds that complete decarbonization through a mix of solar and wind power would be 17-32% cheaper for traction operations and 40-61% cheaper for non-traction operations compared to business-as-usual by 2030. The authors recommend […]
India ranks fifth in wind energy installations in the world; with an installed wind capacity is 22 GW at the end of 2014. This has been made possible by a combination of federal financial incentives and state-level feed in tariffs. The federal policies are accelerated depreciation, which allows for higher depreciations in earlier years; and […]
The FX Hedging Facility is a customizable currency hedging product comprised of a foreign exchange (FX) hedging facility backed by an FX tail risk guarantee. The mechanism targets a particular tranche of FX risk and allows allocation of risks to suitable parties, and also eliminates the credit risk premium otherwise charged in a commercial currency […]
India has ambitious renewable energy targets by 2022: 100 GW of solar and 60 GW of wind. Both of these technologies are perceived to be more costly than conventional, fossil-fuel, power; and, therefore, require policy support. Using representative, project-level cash flow models, we examine two related questions: First, what would be the cost of policy […]
This report, commissioned by NITI Aayog’s Expert Group, explores the financial, policy, and regulatory measures required to achieve India’s ambitious target of 175 GW renewable energy (RE) capacity by 2022, focusing on scaling up solar, wind, small hydro, and bioenergy. It identifies challenges such as financing, grid integration, and managing RE variability, and outlines potential […]