As members of the Indian Innovation Lab for Green Finance, Trilegal Partner, Neeraj Menon as Lab Principal and Megha Kaladharan as Lab Advisor, have been involved in the screening of new ideas, aiming to mobilize more capital at attractive terms to develop green infrastructure. Trilegal has been engaged with the Climate Policy Initiative (the Lab's Secretariat) and other Lab members to evaluate and identify ideas, as part of the Lab's 2018 cycle, which can have a meaningful contribution to the development of green infrastructure sector in India. Going forward, Trilegal will be involved in the development and implementation of the endorsed ideas.
Nine instruments were selected out of over 100 ideas submitted into a competitive pool. Of these, three instruments have been selected by the India Lab - the residential rooftop solar accelerator, financing of low carbon auto-rickshaws and the long term debt facility for traction batteries.
The India Innovation Lab for Green Finance, launched in November 2015, was developed in response to the need for better investment vehicles to achieve the ambitious target set by the Government of India, which is 40% of electricity generation capacity from non-fossil fuel sources by 2030.
Since its inception in 2014, the Lab has launched 25 finance instruments that have mobilized nearly USD $1 billion in sustainable investment to date, including $228 million from Lab members. Lab members include the funders of the Lab: Bloomberg Philanthropies, the David and Lucile Packard Foundation, the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), the Netherlands Ministry for Foreign Affairs, Oak Foundation, the Rockefeller Foundation, Shakti Sustainable Energy Foundation, the UK Department for Business, Energy & Industrial Strategy, and the U.S. Department of State. Lab members also include other experts from Africa Finance Corporation, the Asian Development Bank, Bank of America Merrill Lynch, Blackrock, the Brazilian National Development Bank (BNDES), CAIXA, Climate Investment Funds, Development Bank of Southern Africa, Deutsche Bank, Inter-American Development Bank, HSBC, OPIC, Willis Towers Watson, the World Bank Group, and the Brazilian, Indian, and Rwandan governments, among many others.
Link to the press release by Climate Finance Lab - https://www.climatefinancelab.org/news/lab-selection-2018/