Dr.T.S. Devaraja, Manjeshgowda D B


Quantitative climate finance has been quick to become one of the most formidable tools for making progress on renewable energy goals and reducing the climate change impacts, capturing significant attention in recent years. In the context of India, where the aim to reach 40% of electricity generation from non-fossil fuel sources by 2030 is so huge, the role of quantitative climate finance is particularly important. This study attempts to examine the impact of quantitative climate finance on renewable energy initiatives in India. It focuses on monetary support given to all different renewal energy projects, as well as the part of this funding in meeting the renewable energy goals and the problems that still exist even after the boom of climate finance. Using the mixed methods approach, which combines qualitative and quantitative data collection and analysis techniques, this study integrates the insights from the literature review, surveys, and interviews with the key stakeholders in the renewable energy sector. Shedding light on financial data issues related to the scale of climate mitigation financing inflows in India, the research analyses both the sources of such financing and its distribution and assesses their influence on the expansion of renewable energy projects. The concern became clear with respect to the key role played by climate financing of a quantitative nature in promoting renewable energy endeavours in India, particularly in the sectors of wind and solar power. Financial support provided by climate finance mechanisms has helped in reducing the cost of renewable energy technologies, making them more competitive than their traditional fossil fuel counterparts. On the other hand, government-backing initiatives like the National Solar Mission and the Wind Energy Mission have attracted investments from climate finance. Nonetheless, the research indicates that several hurdles still exist in renewable energy projects, despite the enhancing role of climate finance. The result of this study is a cornerstone of effective policymaking and sustainable efforts for India's development.

Keyword : Renewable energy, climate change, Renewable energy impacts, solar, wind, Quantitative climate finance, Quantitative climate finance

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May 19, 2024
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