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Financing Climate Action India in a Global Context.pdf
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Financing Climate Action: India in a Global Context is the outcome of a project titled ‘Building Roadmaps for Industrial Decarbonisation and Green Economy-2’ (BRIDGE-2), undertaken by us at IIM Calcutta from October 2023. The volume seeks to contribute to the discussion around climate finance, and it does so by clearly focusing on the plurality of viewpoints (with 71 contributors and 37 affiliations) that have emerged so that in taking the debate forward, all these may be considered. The process commenced with a brainstorming workshop on 17 and 18 April 2024 (40 delegates from 30 institutions), followed by a writers’ workshop on 6 and 7 August 2024 (51 delegates from 37 institutions) to build-in detailed peer review into the development of the volume as well as a mechanism to ensure coherence and connections between chapters. Further, an editorial committee comprising Dhruba Purkayastha (then Director for Growth, Council for Energy, Environment and Water (CEEW)), Mritiunjoy Mohanty (Retd Professor, IIM Calcutta), Runa Sarkar (Professor, IIM Calcutta) and Vibhuti Garg (Director, South Asia, Institute for Energy Economics and Financial Analysis (IEEFA)) oversaw the process and made the final selection of chapters for the volume. Mritiunjoy Mohanty and Runa Sarkar then took over for the more hands-on editorial tasks, including connecting with Routledge for publication of the volume. Since the time we commenced our work, the world has changed in myriad ways, so much so that the current geopolitical scenario has dwarfed the disappointment about the COP29 outcomes. Yet the problem of global warming continues to stare us in the face, and therefore, the need for climate finance and finding ways to structure it are as important if not more than before. Although the context for the upcoming COP30 in Belem could not be more different than the prior one in Baku, the need to find collective solutions is even more pressing. This volume speaks to that and provides a wide-angle view of the financing aspects in dealing with the challenges posed by climate change – mitigation, adaptation and loss and damage – addressing these issues at both micro and macro levels as well as integrating them in terms of an appropriate governance structure. Climate finance is squarely located within a discussion of the overall macroeconomy and how this might shape resource flows towards the real economy as well as market functioning. This volume would not have seen the light of day without institutional support, in particular that of our former director, Professor Uttam Sarkar, and our then director-in-charge, Professor Saibal Chattopadhyay. Rapporteuring support from our doctoral students Manhar Manchanda, Shubham Ojha, Satpute Ravi Ashok, as well as research associates Debarup Bhattacharya and Saptorshee Chakraborty for the two workshops is acknowledged as is the support from Aryan Panwar, academic associate, particularly when we faced a serious time crunch. Ananya Mondal’s unstinting efforts at backstopping both workshops ensured that these were successfully concluded. She also held fort with all the groundwork to put together this volume, considerably lightening our workload. Finally, a big thank you to Ajit Mondal for the endless cups of coffee served with an encouraging smile to keep us going. Shoma Choudhury has always been encouraging, and her team at Routledge has gone out of the way to support us in this endeavour. We would also like to acknowledge and thank our anonymous reviewers, whose comments have enriched and sharpened our work. Of course, this resource is the outcome of the discussions of the two workshops on 17 and 18 April, 2024, and 6 and 7 August, 2024, and we cannot thank every workshop and writeshop attendee enough for their engaged participation. Every contributor to this volume has been patient, cooperative and responsive, making our lives as editors much easier. Today, the research web we established with the coal volume is even more vibrant and has widened and deepened. This network has played a very important role in shaping this volume. That today, there is a network of academics and policy practitioners working together and sharing ideas on financing, at the frontiers of climate change, is perhaps the biggest gift of this volume, for which we will always remain grateful.
PART 1
Climate Finance Landscape: An Introduction 7
MRITIUNJOY MOHANTY AND RUNA SARKAR
1 Financing Net Zero: An Assessment of the Top-Down and Bottom-Up
Approaches in India 9
SAON RAY, KUNTALA BANDYOPADHYAY AND PIYALI MAJUMDER
2 Public Finance Catalysing Private Capital for Scaling Renewable
Energy Projects 27
AJAY MATHUR AND ANITA MARANGOLY GEORGE
3 Financing India’s Decarbonisation Journey – the Role of Private
Investment for Mitigation 44
AJAY SHANKAR
4 How to Make Climate Change Action a Nationwide Movement
in India, and How to Finance It? 56
VIJAY MAHAJAN
5 Alarm Calls Are Ringing Out 76
YOGESH UPADHYAYA AND MANISH AGARWAL
Contents
vi Contents
6 How to ‘Reform, Target and Shift’ Domestic Public Finance Effectively:
Lessons from Energy Financing in India 89
SWASTI RAIZADA AND DEEPAK SHARMA
PART 2
Governance: An Introduction 101
MRITIUNJOY MOHANTY AND RUNA SARKAR
7 Addressing Climate-Related Financial Risks: Interrogating Efficacy
of Actions by the RBI 103
NANDAN NAWN
8 Achieving Sustainable Development Goals and Climate Resilience in
Low-Income Contexts: The Bay of Bengal Region 115
VIKRAM K. CHAND, DIPAK DASGUPTA AND NIHAL PITIGALA
9 Financing Climate Action at the Subnational Level:
Public Expenditure Tracking in Maharashtra 131
PRANAV PRAKHYAT GARIMELLA, FAIZA SOLANKI AND SARANSH BAJPAI
10 Financing Climate Action at Local Level: Scope, Opportunities
and Challenges 149
SHIVIKA SOLANKI, RINI DUTT AND SWATI GUPTA
PART 3
Instruments and Mechanisms: An Introduction 161
MRITIUNJOY MOHANTY AND RUNA SARKAR
11 Increasing Flows for Green and Transition Finance – Thinking Beyond
Bank Debt 163
KALPESH GADA AND NEHA KHANNA
12 Navigating Carbon Pricing in India: Assessing Policy Options, Impacts,
and Pathways to a Sustainable Economy 181
SHUBHASHIS DEY AND KARTIKEY SHARMA
13 Sub-National Climate Finance Needs and Innovations to Mobilise
Requisite Resources – Case for Maharashtra 198
UPENDRA BHATT
14 Beyond the Trillions: Solving Climate Through Innovation and Risk
Capital Than Big Money 206
SHAILESH VICKRAM SINGH
Contents vii
PART 4
Financing the Real Economy to Address Climate Change:
An Introduction 219
MRITIUNJOY MOHANTY AND RUNA SARKAR
15 Blended Capital Market Mechanisms for Critical Decarbonisation
Projects in India 223
SAURABH TRIVEDI AND LABANYA PRAKASH JENA
16 Financing Energy Efficiency for MSMEs in India 234
SHANTANU SRIVASTAVA AND VIBHUTI GARG
17 Mainstreaming Transition Plan Disclosures for Indian Companies 254
SHANTANU SRIVASTAVA
18 Carbon Markets as a Necessary Element to Support Climate Financing
in India 275
PAWAN MEHRA, TARANA AHMAD, TANAY SAWHNEY AND MALAIKA AGGARWAL
19 Financing India’s Green Grid: Overcoming Challenges and Unlocking
Investment for Renewable Integration 299
MD TARIQ HABIB, ARNAB SARKAR AND VIVEK SEN
20 Financing Just Transition in the Coal Mining Sector – Trade Union
Perspectives 310
RANDHIR KUMAR, AIMAN NIDA AND S.M.F. PASHA
PART 5
Public Resources: An Introduction 327
MRITIUNJOY MOHANTY AND RUNA SARKAR
21 Grants and Granting Mechanisms for the Loss and Damage Fund 329
UMA PAL, RUNA SARKAR AND AANANDITA SIKKA
22 Back to the Future: A Case for a Green Investment Bank 347
MRITIUNJOY MOHANTY
23 Green Quantitative Easing: What the Lender of the Last Resort Can Do
for Saving the Planet 368
ANKIT KUMAR AND RUNA SARKAR
viii Contents
PART 6
Lessons from Other Economies: An Introduction 387
MRITIUNJOY MOHANTY AND RUNA SARKAR
24 Financing Energy Transition: Private Gains or Public Risk 389
SIMRAN GROVER, PRIYANKA GOEL, MANISH KUMAR MAHTO AND ANUJ GOYAL
25 Green Fiscal Instruments for Transition to Low-Carbon Economy:
Experience from European Countries and Lessons for India 406
SABUJ KUMAR MANDAL, TANURIMA BRAHMA AND VARDHINI V.
26 Transition Planning and Country Platforms as a Way to Accelerate
Development and Climate Action: Discussing Global Developments and
Lessons for India 417
MADHURA JOSHI, LAURA SABOGAL REYES AND KAVYA SINGHAL
27 Indonesia’s Energy Transition: The Progress and Challenge So Far 427
RAMNATH IYER AND MUTYA YUSTIKA
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