India is progressing well towards its climate commitments and is expected to reach net-zero emissions considerably earlier than its 2070 target, according to N.K. Singh, former Finance Commission Chairman and head of the newly formed Green Transition Board.
Speaking after the board's inaugural meeting at the London School of Economics during London Climate Action Week 2026, Singh highlighted that the global climate agenda must now prioritize mobilizing investment and accelerating implementation over merely setting ambitious goals. The Green Transition Board, an initiative announced earlier this year at the Raisina Dialogue, is tasked with formulating recommendations on climate finance, reforms for multilateral development banks (MDBs), India's transition to 2,500 GW of clean energy by 2047, and the overarching net-zero emissions target.
Accelerating India's Green Transition
Singh noted that over 40% of India's current energy supply already comes from renewable sources. This trajectory is supported by a robust set of policy initiatives, including production-linked incentives for renewable energy, widespread rooftop solar programs, enhanced integration of solar power into the national grid, and ongoing investments in various clean energy technologies.
Beyond renewables, nuclear energy, particularly through Small Modular Reactors (SMRs), is projected to play a crucial role in India's clean energy mix. Furthermore, sustainable agricultural practices, such as promoting water-efficient crops like millets, are integral to the nation's long-term climate strategy.
Mobilizing Climate Finance
Achieving a comprehensive green transition requires trillions of dollars in financing. Singh outlined multiple essential sources:
- Expanded lending capacity from Multilateral Development Banks, a proposal championed during India's G20 Presidency.
- Strengthened domestic resource mobilization.
- Substantially increased private investment, particularly in sectors like green hydrogen and renewable energy.
- Greater investment in research and development.
- Improved mechanisms to mitigate perceived risks for private investors.
Singh also underscored the critical importance of international support, asserting that nations historically responsible for the largest share of global emissions bear both an equitable and moral obligation to provide significant financial resources to developing economies.
The Role of Private Capital and Innovative Instruments
While green bonds are valuable, Singh stressed they are insufficient on their own. The future, he believes, lies in innovative financial instruments such as blended finance, hybrid capital, guarantees, and first-loss mechanisms designed to reduce investment risk. A stable regulatory environment, protection against foreign exchange risks, stronger local capital markets, and institutions like the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) are all vital for attracting substantial private capital.
Nuclear Energy's Growing Significance
Recent legislative amendments in India have addressed long-standing concerns regarding civil nuclear liability, fostering greater confidence among international investors. This legislative clarity, combined with advancements in SMRs and other nuclear technologies, positions nuclear energy as an increasingly important component of India's clean energy portfolio alongside renewables.
Global Cooperation Amidst Climate Challenges
Addressing anxieties about climate change and potential setbacks in international commitments (such as the United States' past withdrawal from parts of climate agreements), Singh affirmed that climate action is an existential issue. He advocated for continued progress through “coalitions of the willing” – alliances of countries and institutions working together to advance climate goals, even in the absence of universal consensus. This collaborative effort, he emphasized, is crucial for mitigating the impacts of climate change and securing the quality of life for future generations.