Two new green finance instruments launched at the end of October by the India Innovation Lab for Green Finance are intended to help India meet its green infrastructure goals.
The India Innovation Lab for Green Finance is one of four “Labs” set up by The Lab, a clean energy financing group which “identifies, develops, and accelerates a small selection of well-designed, early stage businesses and financial instruments that can unlock billions in sustainable investment” which was founded in 2014. Specifically, the India Innovation Lab for Green Finance (India Lab) is a group of investors and government representatives that accelerates green finance instruments to meet India’s green infrastructure goals.
Announced on October 27 in New Delhi, the India Lab has launched two new green financial instruments that are designed to “help catalyze millions of dollars for clean energy in India.” The launch is a partnership with the India Lab’s public and private Lab Members, which includes a long list of big names, including: the Indian Ministry of New and Renewable Energy, the Ministry of Finance, the Indian Renewable Energy Development Agency (IREDA), the Asian Development Bank, ReNew Power, Cyril Armachand Mangladas, HSBC India, KfW Bank, YES Bank, the World Bank, and the development agencies of the French, UK, and US governments, among others.
“The green finance instruments launched by the India Lab aim to tackle some of the most difficult financing challenges for clean energy and sustainable urbanization in India,” said Gireesh Shrimali, Director, Climate Policy Initiative India and India Lab Secretariat. “Our analysis shows that they’re ready for this challenge, and we look forward to seeing them in action.”