India Innovation Lab to call for funding ideas

The India Innovation Lab for Green Finance, part of the Global Innovation Lab for Climate Finance, will call for funding ideas from November 23.

“Examples might be credit enhancement of renewable energy projects to attract institutional investors, or tools to reduce the cost of currency hedging to attract more foreign investment. The India Innovation Lab will apply the successes and lessons learned through its sister initiative, the Global Innovation Lab for Climate Finance, to India’s unique challenges and opportunities,” a statement from the organisation said.

The ideas will be assessed based on their potential to unlock investments for the clean energy sector in India and four winners will be announced in February. The winners will receive support and expert advice from Lab members to develop and implement their ideas over the next year, the statement said.

The initiative will be supported by the Ministry of New and Renewable Energy (MNRE).

“The India Lab will bring together public and private players on a common platform with the objective of unlocking and channelising private investment for green infrastructure sectors such as renewable energy and energy efficiency. We look forward to being engaged in the India Lab as a key stakeholder,” Tarun Kapoor, Joint Secretary, MNRE said in the statement.

The Lab is designed as a platform to draw on business and government leaders to identify, select and help implement ideas for instruments that will mitigate risks and drive more investment for clean growth in India.

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