Reimagining investing to scale responsible renewable energy
Watch the first part of the Responsible Renewable Energy Summit, which explored the role of finance in building a responsible RE sector in India.
How do we ensure investments in renewable energy are creating equitable value for citizens, developers, the workforce, vendors and everyone involved in the communities?
An estimated $30–40 billion in annual investment is required by India’s RE sector to meet its target of 450 GW by 2030. This opportunity has attracted a diverse set of financiers, ranging from domestic and foreign banks, insurers, private equity investors, and institutional asset managers; to more traditional infrastructure investors such as multilateral development banks and other development finance institutions. Simultaneously, investment markets have seen a proliferation in ESG investing over the past decade.
However, ESG mechanisms, in their current form, are yet to realise their full potential towards aligning economic, social and ecological benefits across all stakeholder groups and the value chain, with the focus remaining on driving scale and pace of deployment.
The first Responsible Renewable Energy Summit, held on 14 February 2023 in-person in Delhi, brought together renewable energy experts, sector pioneers, policy makers, innovators, and civil society representatives to discuss how RE can set a benchmark for responsibility and the value it can create for every citizen in India for generations to come.
The Summit was organised by the Responsible Energy Initiative (REI) India with The Nature Conservancy, Vasudha Foundation, National Solar Energy Federation of India and supported by Climate Trends. REI India is led by Forum for the Future, TERI, and WRI India, with expert partners Business and Human Rights Resource Centre, CEEW, Climate Group, Consensus Building Institute, Landesa and WWF India.
The first panel, Reimagining investing to scale responsible renewable energy, explored views on the role of finance in building a responsible RE sector in India, and discussed several investing practices that could drive this; setting ESG benchmarks; resilient workforces and communities; working with the RE sector on equitable land access, among other factors.
The panel was moderated by Ms. Ritu Kumar, Senior Director, TPG. Panellists included:
- Ms. Bhargavi Rao, Independent Researcher and Educator
- Mr. Nagasimha Swamy, Manager — ESG, British International Investment
- Mr. Puneet Rustagi, Principal — Direct Investments, NIIF
- Mr. Subrahmanyam Pulipaka, CEO, NSEFI
- Mr. Vivek Adhia, Associate Director, Boston Consulting Group India
Watch the video for the full panel, including the Welcome Note by Dr. Annapurna Vancheswaran, Managing Director, The Nature Conservancy India, and Expert Address by Bharath Jairaj, Executive Director, WRI India, which opened the day-long Summit.
Reach out to Saksham Nijhawan at s.nijhawan@forumforthefuture.org to find out how you can get involved with the Responsible Energy Initiative India.
Watch the rest of the Summit here.
