Enhancing India’s Readiness to Climate Finance

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Enhancing India’s readiness to access and deliver international climate finance Customer: Shakti Sustainable Energy Foundation Ricardo-AEA was commissioned by Shakti Sustainable Energy Foundation to prepare this report. Ricardo-AEA Ltd accepts no liability whatsoever to any third party for any loss or damage arising from any interpretation or use of the information contained in this report, or reliance on any views expressed therein. Contact: Dave Steinbach Ricardo-AEA Ltd 55 Bryanston Street, London, W1H 7AA t: 01235 75 3539 e: dave.steinbach@ricardo-aea.com Ricardo-AEA is certificated to ISO9001 and ISO14001 Authors: Dave Steinbach, Adarsh Varma, Prima Madan, Ashutosh Pandey, Pallavee Khanna, Smita Nakhooda Date: 05 September 2014 Shakti Sustainable Energy Foundation works to strengthen the energy security of India by aiding the design and implementation of policies that support energy efficiency and renewable energy. DISCLAIMER: The views and analyses represented in this document do not necessarily reflect that of Shakti Sustainable Energy Foundation. The Foundation accepts no liability for the content of this document, or for the consequences of any actions taken on the basis of the information provided. ii
Enhancing India’s readiness to access and deliver international climate finance Table of contents Acknowledgements ............................................................................................................. v Executive summary .............................................................................................................vi Abbreviations .................................................................................................................. xviii 1 Introduction ................................................................................................................ 1 1.1 Context .............................................................................................................. 1 1.2 Purpose of the report ......................................................................................... 1 1.3 Approach ........................................................................................................... 2 1.4 Scope of the report ............................................................................................. 2 1.5 Structure of the report ........................................................................................ 3 2 The landscape of international climate finance ....................................................... 4 2.1 The complex landscape of international climate finance ..................................... 4 2.2 Important multilateral sources of climate finance ................................................ 5 2.3 New sources of international climate finance ...................................................... 8 2.4 Expected trends on the future landscape of climate finance (2014 – 2020) .......10 3 India’s climate finance track record .........................................................................11 3.1 Institutional governance of climate change in India ...........................................11 3.2 India’s experience accessing international climate finance ................................12 3.3 Comparison with peer countries ........................................................................16 3.4 India’s climate finance performance: High-level trends ......................................17 4 Development of a climate finance Readiness Framework .....................................19 4.1 What is climate finance readiness? ...................................................................19 4.2 Readiness Framework overview .......................................................................20 4.3 The climate finance Readiness Framework .......................................................20 4.4 Evaluation criteria for the Readiness Framework ..............................................22 5 Assessment of India’s climate finance readiness ...................................................27 5.1 Methodology .....................................................................................................27 5.2 India’s climate finance readiness scorecard ......................................................28 5.3 Political & Strategic functions ............................................................................29 5.4 Financial function ..............................................................................................32 5.5 MRV function ....................................................................................................35 5.6 Readiness Gaps ...............................................................................................36 6 Lessons from peer developing countries ................................................................38 6.1 Lessons & options for India to address its readiness gaps ................................38 7 Recommendations to improve India’s climate finance readiness .........................47 7.1 Recommendations ............................................................................................47 7.2 The future climate finance delivery structure in India .........................................55 References ..........................................................................................................................57 Annex I – Selection criteria for detailed analysis of multilateral funds ..........................61 Annex II – List of multilateral and bilateral funds analysed for the report .....................62 Annex III – Bilateral CF received by India, 2012 ...............................................................63 iii
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Enhancing India’s Readiness to Climate Finance

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