GREEN FINANCE FOR A CARBON-NEUTRAL INDIA:

OPPORTUNITIES, CHALLENGES AND ACCELERATING THE

Nithilaa.R¹, Dr.G.Indhumathi²

¹PhD Research Scholar, Department of Commerce, Mother Teresa Women’s University, Kodaikanal
²Assistant Professor, Department of Commerce, Mother Teresa Women’s University, Kodaikanal

Abstract

Green financing is needed for India's transition to a low-carbon economy. The country has a huge economy with a
population over 1.3 billion, and this presents it with a significant carbon footprint, though the nation has ambitious
targets to reduce its greenhouse gas emissions and get on to a path of a low-carbon economy. India's Nationally
Determined Contribution under the Paris Agreement aims at reducing its carbon intensity to 33-35 percent by 2030
compared to 2005 levels. Achieving carbon-neutrality status would require deep-rooted changes within the energy,
transportation, and industrial sectors, with a consequent surge in green finance and investment. As such, in this paper
we will discuss obstacles to adoption, regulatory challenges and risk management measures. In addition, we explain
government initiatives and private sector participation as well as innovative measures propelling India's green
finance growth.

Key Words: Green Finance, Sustainable Development, low-carbon economy

I. Introduction

a) India Climate goals and requirement for green finance

As a means of responding to the imperative for sustainable development, India has created bold climate targets
consistent with the commitment made at Paris. This includes reducing greenhouse gas emissions intensity of its GDP
by 33-35% below 2005 levels by 2030, and making 50% of its power from non-fossil fuel sources. For it to
effectively meet these targets, integration of green finance is absolutely essential. This not only sets out to mobilize
investments in renewable energy but also encourages innovation in green technology (John C Shideler et al., 2021).
However, this transition to a carbon-neutral future would require a significant investment estimated at $2.5 trillion
between now and 2030 (John C Shideler et al., 2021). Without proper green financing mechanisms, India will not be
able to achieve its climate commitments, and both public and private stakeholders must play their role in facilitating
this financial flow to mitigate environmental degradation and foster sustainable economic growth.

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b) Significance of carbon neutrality

The pursuit of carbon-neutrality marks a vital milestone in mitigating climate change-a factor threatening not only
the environmental but also the human form of sustainability. Achieving this milestone, therefore is an ethical
necessity-it is in fact an essential driver of economy and society, at least for the developing nations of the world. The
imperative nature of the challenge can be illustrated in the pressing necessity for frameworks to facilitate financial
transactions as a path towards sustainable development. As noted in recent literature, there is a need for governments
and the private sector to collaborate in overcoming the challenges of carbon neutrality, such as insufficient
technology and funding gaps (Zhang et al., 2023). In addition, integrating environmental, social, and governance
considerations into financial practices can be used to unlock investment in sustainable aviation and infrastructure;
hence, the potential of green finance to help transform the economy of India (Hooda et al., 2023).
Finally, carbon - neutrality shall always be marked by the big challenge of ensuring that the future is sustainable.

II. Literature Review

Beyond environmental concerns, attaining carbon neutrality is inextricably tied to the robustness of economies and
societies, especially in developing nations like India. The recent literature underlines the need for multi-stakeholder
engagement between governments and the private sector to overcome challenges such as inadequate technology and
funding gaps to achieve carbon neutrality (Zhang et al., 2023).

Green finance instruments and initiatives have played a pivotal role in India's journey towards carbon neutrality. The
Solar Parks Scheme has facilitated the large-scale deployment of solar energy by reducing the investment cost and
increasing access to energy. Green bonds have also gained popularity, which enable public and private entities to
fund sustainable projects and attract international investment. These are in line with the recommendations from
COP21 to have a stringent carbon governance structure that enforces compliance and provides a platform for the
transition into green energy paradigms (Berezin et al., 2016).

But adopting green finance is riddled with challenges and regulatory constraints. One main challenge is lack of
awareness about the stakeholders who cannot make sound decisions on which investments to hold in the books.
High entrance costs of deploying green technologies bring about financial bottlenecks within businesses, more so in
emergent sectors. The regulatory systems are often non-coherent with erratic policies that do not instil confidence,
most times in emerging markets like India (Jose Arturo Garza-Reyes et al., 2022).

Multifaceted approaches are needed to accelerate green finance in India. For instance, government initiatives such as
the National Action Plan on Climate Change have set a foundational framework for promoting investment in
renewable energy and sustainable infrastructure. The private sector and financial institutions are the best means of
developing innovative green finance instruments that effectively channel resources into environmental projects.
Enhancing the regulatory environment to provide clarity and stability is vital for attracting domestic and foreign
investments in green initiatives.

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Risk management and mitigation strategies would facilitate the expected successful transition to carbon-neutrality in
India. The principles of adaptive management incorporated into industrial policies can serve as a fertile ground for
joint support of environmental sustainability and economic vitality. Effective governance through accountable
partnerships among government, business, and community actors strengthens resource allocation processes while
enhancing the efficacy of green finance initiatives (Allison Davis et al., 2015).

III. Objectives of the Study

1. To understand the relevance of green finance in reaching India's climate targets and transitioning toward a
low-carbon economy.
2. To assess the present green finance instruments and programs in India in terms of their efficacy.
3. To identify the barriers and challenges preventing the acceptance of green finance in India.

IV. Research Methodology

This study explores the conceptual analysis of green finance helps to carbon neutrality nation and details about the
opportunities and challenges obtain for the transition. Also, this article focuses on the past six years with the usage
of secondary data from SEBI, Climate bond initiatives, and GRIHA, etc. This study tabulated the initiatives taken by
the Government, Public, and Private Stakeholders for the successful development of green finance in India.

V. Green Finance Opportunities

a) Overview of green finance instruments and successful programs in India

 Green Bonds: debt obligations that borrow funds for financing green-oriented projects of renewable
energy, efficient energy, and other related green infrastructural elements (SEBI, 2017).
 Green Loans: the sanction of loans is used for a specific purpose like energy efficiency, renewable energy,
or sustainable agriculture (Reserve Bank of India, 2018).
 Carbon Credits: Tradeable certificates issued to quantify reductions or avoidance of greenhouse gas
emissions caused by a project or an activity (Ministry of Environment, Forest and Climate Change, 2019).
 Sustainable Sukuk: The Islamic bond to finance eco-friendly projects keeping Shariah standards (SEBI,
2020).
 RECs: Tradable certificates quantifying 1 MWh of renewable energy generated (Ministry of Power, 2010).
 Green Equity: Equity investments in environmentally friendly projects, such as renewable energy or
sustainable infrastructure (Indian Renewable Energy Development Agency, 2020).
 Green Asset-Backed Securities: Securities backed by environmentally friendly assets, such as renewable
energy projects (RBI, 2020).
 Blended Finance: Combining both public and private funding to support climate-friendly projects
(National Investment and Infrastructure Fund, 2020).

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The successful application of green finance instruments in India has come to be one of the critical approaches for
meeting the country's carbon neutrality targets. The amalgamation of policy frameworks, innovative financial
products, and partnerships has triggered many successful initiatives, particularly in renewable energy. For example,
the Solar Parks Scheme has made it possible to deploy large-scale solar energy, thus considerably bringing down the
cost of investment and enhancing access to energy. Additionally, the instruments of green bonds have picked up pace
that allow both the public and private sectors to fund green projects in conjunction with encouraging international
investment in these sectors. These trends also resonate with COP21 insights in terms of carbon governance
frameworks' need for toughness in enforcing the compliance process to transition into paradigms of green energy
(Berezin et al., 2016). However, as technologies and partnerships evolve, it will be important to continue to review
and adapt financing mechanisms to ensure that momentum is maintained and benefits of green finance are
maximized for the India economy and environment (Egenhofer et al., 2008).

b) Green finance success stories in India

The growth of renewable energy projects in India, particularly in solar and wind, demonstrates the country's
progress towards a sustainable future, fueled by effective green finance initiatives. The government has established a
goal of reaching 450 gigawatts of renewable energy capacity by the year 2030, which necessitates substantial
financial mobilization. Public-private partnerships have become a significant source of financing for these projects,
with a number of international investors providing capital as well as technical expertise. Instruments such as green
bonds have also been instrumental in channelling funds into sustainable activities. Highlighting the links between
sustainability performance and investment, as mentioned in recent literature, underlines that stakeholder engagement
is important for the integration of ESG factors into financial practices (Hooda et al., 2023). In the context of India's
journey toward a carbon-neutral economy, these initiatives not only show the possible ways but also highlight the
need for increased investment and cooperation in the field of green finance.

Table: 1 – Issuance of green bonds in India

Year Green Bond Issuances (INR Crores)

2018 10,949

2019 23,195

2020 34,649

2021 51,040

2022 63,411

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 Year Green Bond Issuances (INR Crores)

2023 (proj.) 75,000

Source: SEBI, Climate Bonds Initiative

India's green bond issuances have grown six-fold from INR 10,949 Crores in 2018 to INR 63,411 Crores in
2022, with a projected INR 75,000 Crores in 2023. This upward trend indicates a rising focus on environmentally
sustainable investments and projects, supporting India's climate goals. The growth also reflects increasing investor
interest and government initiatives promoting green infrastructure.

Table: 2 – Carbon Emissions Reduction in India

Year Carbon Emissions Reduction (Million tons)

2018 42

2019 63

2020 81

2021 104

2022 131

2023 (proj.) 160

Source: Ministry of Environment, Forest and Climate Change

India's carbon emissions reduction has shown steady growth, increasing by 280% from 42 million tons in
2018 to 131 million tons in 2022. The country is projected to achieve a 60% reduction from 2022 levels, reaching
160 million tons in 2023. This notable advancement indicates that India is poised to achieve its climate objectives
and successfully transition to a low-carbon economy.

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 Table: 3 – Green Fund Allocation in India

Year Green Fund Allocations (INR Crores)

2018 10,000

2019 15,000

2020 20,000

2021 25,000

2022 30,000

2023 (proj.) 35,000

Source: National Clean Energy and Environment Fund

India's green fund allocations have consistently increased by INR 5,000 Crores annually, from INR 10,000
Crores in 2018 to INR 30,000 Crores in 2022, with a projected INR 35,000 Crores in 2023. This steady growth
demonstrates a commitment to environmental sustainability and supports India's climate change mitigation efforts.
The allocations have tripled over the five-year period, indicating a prioritization of green initiatives.

Green Rating for Integrated Habitat Assessment (GRIHA) Certifications in India

GRIHA (Green Rating for Integrated Habitat Assessment) serves as India's premier national rating system,
specifically designed to evaluate and certify green buildings and habitats. Jointly developed by The Energy and
Resources Institute (TERI) and the Ministry of New and Renewable Energy (MNRE), GRIHA assesses buildings
based on their environmental sustainability and energy efficiency.

Table: 4 - GRIHA Certifications in India

Year GRIHA Certifications

2018 211

2019 301

2020 382

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 2021 481

2022 611

2023 (proj.) 750

Source: GRIHA Council

GRIHA certifications in India have consistently risen, growing 257% from 211 in 2018 to 611 in 2022,
with a projected 750 certifications in 2023. This upward trend indicates increasing adoption of green building
practices, sustainable architecture, and eco-friendly infrastructure development across the country.

India has significant strides on the environmental side; green bonds, funds, and building certifications show a steady
increase. Carbon emission cuts are equally promising, leading to a long-term low-carbon economy benefit for the
country.

c) Opportunity in Investing in Renewable Energy and Sustainable Infrastructure

The transformation toward a carbon-neutral economy strongly drives investment potential into renewable energy
and sustainable infrastructure. The growing requirement for green technology is seen in a wide range of industries,
such as in developing countries like India, which have significant renewable energy sources. An example is wind
energy in towns like Udupi and Visakhapatnam; it is not only a result of the pressure of sustainable development but
has also been considered critically in studies that use long-term data regarding wind potential, as discussed by
(Sharma P et al.,2024). Moreover, the exploration of green hydrogen, especially in Bangladesh, illustrates the
versatility of renewable resources and their implications for industrial and transportation sectors (Rahman MJ et al.,
2024). As the investment landscape evolves, it becomes imperative for policymakers to create favorable conditions
that encourage capital flow into green initiatives, ultimately facilitating a robust infrastructure that supports energy
transition. The pathways to investment must emphasize innovation, collaboration, and regulatory support to harness
these opportunities effectively.

VI. Challenges of Green Finance

a) Barriers to green finance adoption and regulatory challenges

The successful transition to green finance in India is fraught with various barriers and regulatory challenges that
hinder put into practice and used extensively. A significant obstacle is the lack of awareness among stakeholders,
which impedes informed decision-making regarding sustainable investments (Consalo et al., 2024). Green
technologies also have the problem of a high initial cost for businesses, mainly in emerging industries where capital
is scarce. Additionally, limited availability of reliable information on sustainable practices makes these problems

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even more acute in terms of reluctance to use green financing options (Consalo et al., 2024). According to a
systematic review of sustainability in aviation, stakeholder engagement is very important; without it, efforts to
integrate environmental, social, and governance ratings into finance are superficial (Hooda et al., 2023). The
regulatory landscape often lacks coherence, and inconsistent policies can undermine confidence, especially in
emerging economies such as India, thus exacerbating these barriers (Garza-Reyes JA et al., 2022). Addressing these
challenges through cohesive regulatory frameworks and enhanced stakeholder collaboration is essential for driving
green finance forward.

b) Regulatory and policy challenges

The complex landscape of regulatory and policy framework in India poses significant hurdles to the advancement of
green finance, fundamentally challenging the nation's journey toward carbon neutrality (Prof. (Dr.) Kaur A et al.,
2023). This usually leaves a lack of coherent policies and inconsistent regulations that prevent investments in
sustainable projects, thereby creating uncertainty in the financial institution and the investor. There has never been a
more pressing need for standardized regulations to be brought into place, which should be aligned with international
benchmarks, especially considering that stakeholders are now looking to address ESG criteria within their financing
practices (Hooda et al., 2023). Moreover, ambiguous regulations on green classification may promote green washing
and consequently dilute the credibility and impact of the sustainability initiatives. Hence, strengthening the
regulatory structure is a necessity for ensuring transparency and involving both the public and private sectors in
earnest participation, since a collaborative effort is the only one that can genuinely unleash the finance needed to
realize a carbon-free India (Gelil A et al., 2012).

c) Risk management and mitigation strategies

Climate change, with the pace of rapid change, brings a requirement to effectively manage risk and mitigate while
making the successful transition of carbon-neutral India feasible. The risk and substantial danger of climate change
is acknowledged for threatening economic stability and sustainability (Mohanty M et al., 2024). As such, there is an
important necessity for proactive stakeholders to strengthen the resilience while redressing the vulnerability of the
economy. For example, the integration of adaptive management principles into industrial policies can promote both
environmental sustainability and economic vitality in line with the broader frameworks of climate-resilient
development found in emerging methodologies in green finance. This approach ensures that investments prioritize
low-carbon technologies while encouraging diversification of industries, which mitigates risk associated with
climate impacts. The further enhancement of accountable partnership involving government, the private sector and
community will facilitate stronger governance because it promotes improved resource utilization thus increasing
effectiveness within green finance channels (Davis A et al., 2015). In conclusion, managing risks holistically will
play the most central role in mitigating the problems created by transition while protecting the socio-cultural entity
as India will attain carbon-neutrality (Zarsky L et al., ).

Indian strategies towards expediting a Road to a carbon-neutral Economy

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Investing in renewable energy is vital for driving India's sustainable growth and transition to a carbon-neutral
economy. The country has vast natural resources available, which, if tapped with solar, wind, and biomass energy
projects, will reduce dependence on fossil fuels. At the same time, tax breaks and other subsidies for green
technology adoption by the government will provide an impetus to private investment (Mohanty M et al., 2024).
Moreover, enabling the grid structure to support renewable energy sources will be reliable and stable, boosting the
confidence of customers in these cleaner sources. Increasing public awareness through education is equally
important since it can facilitate a culture that inspires people as well as businesses to embrace low-carbon lifestyles
(Prof. (Dr.) Kaur A et al., 2023). International collaborations can help facilitate the transfer of technology and global
green finance, and bridge India's gap to vault over traditional energy systems and capture groundbreaking solutions.

VII. Expediting Green Finance in India

Navigating the complex landscape in green finance in India would call for a whole-of-government and other
stakeholders' approach in expediting the transition towards carbon neutrality. Initiatives of the government, like
NAPCC, and other policies at the state level have given a basic structure to ensure a sustainable future, investing in
renewable energy and green infrastructure is imperative. These structures form the base of mobilizing capital and
setting the right environment for public-private partnerships. Moreover, the role of private sector players and
financial institutions cannot be underemphasized because it is in these players that most innovative green finance
instruments are developed to channel resources into environmental projects effectively. As mentioned in other texts
above, "insufficient core technology and innovation" remain a very critical barrier (Zhang et al., 2023), but
innovative solutions such as green bonds and climate risk insurance have emerged to overcome such challenges. For
that purpose, the Indian government will also need to further strengthen the regulatory environment that should
bring transparency and stability and will help domestic as well as foreign investment for green initiatives with more
acceleration for an economy, sustainable and carbon-neutral.

a) Government programs and the role of the private sector in facilitating green finance

Only effective strategies through comprehensive plans and ideas would work properly to promote green finance by
both the governments' programs and the private sectors. Policymakers can initiate market transformation through
regulatory policies that incentivize sustainable investment. For instance, policies announced in Government of
India's carbon neutrality plan indicate that enabling sustainable development and unlocking private capital into a
green sector is necessary. There is urgency in engaging the private sector. For instance, only through this segment
can innovations in production technology and large-scale expansion of renewable energy infrastructure, along with
sustainable fuels, be effectively managed as presented in the results from systematic literature reviews about
stakeholder cooperation in finance ecosystem, in recent years (Hooda et al., 2023). Furthermore, frameworks
established by key governmental projects, as detailed in research initiatives like the one at the University of Latvia,
highlight the economic implications of sustainable practices, pushing businesses towards environmentally

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responsible operations (Bogdanova et al., 2023). By harmonizing efforts, both sectors Has the potential to drive a
rapid transition to a low-carbon, sustainable future, balancing economic growth with environmental stewardship.

b) Role of private sector and financial institutions

The transition to a carbon-neutral economy in India necessitates an active and strategic involvement from private
sector entities and financial institutions. These organizations are crucial in mobilizing capital for sustainable
projects, particularly in financing renewable energy initiatives that align with India’s climate goals. As public
funding alone is insufficient to meet the enormous investment requirements for green infrastructure, private finance
can bridge the gap. For that, institutions will be advocating the importance of investment into sustainable directions
in which financing can be applied into projects environmentally helpful. Such a financial device works only through
effective frameworks where clearly defined frameworks bring about higher standards of transparency and
accountability among investors. Additional to this innovative application of finances by innovative use of new
financial devices will also amplify their efforts. Ultimately, it will be the solid partnership between the private sector
and financial institutions that will be necessary to tap green finance at its full potential for India to guide the nation
towards its ambitious climate objectives (Programme UNE), (González Martínez et al., 2021).

VIII. Conclusion

India needs a solid framework of green finance for transition to a carbon-neutral economy. The integration of green
capital mobilization supports the facilitation of environmentally beneficial projects and reduces carbon footprints as
well, emphasizing the global trend. This section has discussed how equitable resource access by women can
improve sustainability and enhance environmental performance (Herklotz A et al., 2012). More importantly, the
analytical evaluation of ESG ratings reflects that green finance is the main thrust area of aviation, but has much
more universal applicability to other sectors (Hooda et al., 2023). These conclusions highlight the importance of
overcoming the challenges and obstacles faced in green finance such as regulatory challenges and cost-related
problems, both in terms of economic development and environmental protection. All of this, of course, calls for
concerted action by governmental policies, private sector innovation, and stakeholder collaboration to not only
foster but catalyze the movement aiming for a sustainable and carbon-neutral India.

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