REVISITING THE CHALLENGES AND OPPORTUNITIES FOR EMERGING GREEN FINANCE IN INDIA
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.3868Keywords:
Green Finance, Green Indices, Renewable Resources, Agriculture and Rural Activities, Green Investment, Green Practices and Green InstrumentsAbstract [English]
India's energy sector is undergoing a significant transformation, with an increasing share of renewables aimed at achieving a target of 175 gigawatts by 2022. However, one of the main challenges is securing adequate financing, particularly given limited budgetary resources and difficulties in attracting private investment. This paper examines the financial hurdles faced in mobilizing capital for renewable energy in India, identifying key challenges such as short loan tenures, high capital costs, and insufficient debt financing, along with sector-specific issues.The article also highlights trends and opportunities in green finance, showcasing how innovative financing mechanisms can help overcome these barriers. Successful initiatives in several cities demonstrate that energy efficiency not only conserves resources but also enhances resilience to climate disruptions and reduces fossil fuel dependency. Collaboration among different government levels is essential; the national government can facilitate local efforts through targeted funding.The article emphasizes the importance of policy innovations, such as emission permits and improved monitoring systems, to foster sustainable urban development. It suggests that green taxes can incentivize environmentally friendly practices, while innovative procurement strategies can align fiscal responsibility with ecological goals. Additionally, the paper addresses the critical role of water management, as many cities face significant water stress. Ultimately, it offers actionable recommendations to navigate these pressing challenges in India’s renewable energy landscape.
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Copyright (c) 2024 Dr. Prajakta Bhorkade Khule, Dr. Meghana Bhilare, Dr. Jini Saxena
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