The Green Transition Board, announced at the Raisina Dialogue earlier this year, held its inaugural meeting at the London School of Economics (LSE) on Friday, marking the start of its work during London Climate Action Week 2026. Chaired by former Finance Commission Chairman N K Singh, the Board has been tasked with recommending measures on climate finance, multilateral development bank (MDB) reforms, and India's transition to 2,500 GW of clean energy by 2047 and net-zero emissions by 2070. Speaking after the meeting, Singh said India is well on course to meet its climate targets, while emphasising that the global climate agenda must now shift from setting ambitions to mobilising investment and accelerating implementation.

The following are edited excerpts from the interview:

Q. India has committed to achieving Net Zero by 2070. What are the key policy challenges, and how is India planning to meet this commitment?

N.K. Singh: We are well on course to achieve the targets we have set. More than 40% of India's energy basket already comes from renewable sources, and we are confident of achieving the desired balance between fossil and non-fossil fuels well before the target date.

This is being supported by a number of policy initiatives, including production-linked incentives for renewable energy, rooftop solar programmes, better integration of solar power into the national grid, and continued investment in other forms of clean energy.

Nuclear energy will also become an important contributor, particularly through Small Modular Reactors (SMRs). Alongside this, changes in agricultural practices, including promoting crops such as millets that require less water and have a lower carbon footprint, are also part of India's long-term climate strategy.

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India's Green Transition

Q. Trillions of dollars are required for the green transition. Where will this financing come from?

Singh: During India's G20 Presidency, the Independent Expert Group on Multilateral Development Banks proposed a significant expansion in MDB lending capacity.

The financing has to come from multiple sources:

Greater lending from Multilateral Development Banks.
Stronger domestic resource mobilisation.
Significantly larger private investment in sectors such as green hydrogen and renewable energy.
Increased investment in research and development.
Better mechanisms to reduce the risks perceived by private investors.

International support also remains essential. Countries that have historically contributed the most to global emissions have both an equity-based and a moral responsibility to mobilise substantially greater financial resources for developing economies.

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Private Investment

Q. What role can private investment and instruments such as green bonds play?

Singh: Green bonds are important, but they alone are not sufficient.

The future lies in innovative financial instruments such as blended finance, hybrid capital, guarantees, and first-loss mechanisms that reduce investment risk. Stable regulatory frameworks, protection against foreign exchange risks, stronger local capital markets, and institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) all have an important role to play in attracting significantly greater private capital.

Nuclear Energy

Q. You mentioned nuclear energy. How important will it be in India's transition?

N.K. Singh: Recent legislative changes have helped address long-standing concerns around civil nuclear liability, creating greater confidence among international investors.

Small Modular Reactors and other nuclear technologies will become an important component of India's clean energy mix alongside renewables.

Climate commitments

Q. At a time when the United States has stepped back from parts of its climate commitments and the conflict involving Iran has once again raised concerns over global energy security, can countries realistically remain committed to their climate goals?

Singh: The withdrawal of the United States from the UNFCCC process should not diminish the importance of climate action.

This is an existential issue. It is about the quality of life of future generations.

The rest of the world must continue working through what has been described as "coalitions of the willing." These coalitions can continue advancing climate action even when there is no universal consensus.

Countries and institutions working together through new alliances can substantially mitigate the impact of one country's withdrawal from international agreements.

Climate Change

Q. What message would you like to give to people who are increasingly anxious about climate change?

Singh: We are speaking in London during an unprecedented heatwave. It is another reminder that climate change is an existential challenge.

Governments will need sustained, coordinated action—not isolated measures—to reduce emissions while maintaining economic growth. The effort has to be continuous, collaborative, and long-term.

India's image abroad

Q. After meeting policymakers and academics in London, what is the perception of India?

Singh: There is considerable optimism about India.

People recognise India as one of the fastest-growing major economies, combining high growth with democratic accountability and macroeconomic stability. There is also growing recognition of India's role in addressing the challenges facing the Global South while continuing on a sustainable development path.

Published on: Jun 27, 2026 9:57 AM IST