India Transition Finance Programme
Accelerating India’s Net Zero Transition through high quality transition finance research and capacity building
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About The India Transition Finance Programme
India is entering a decisive decade. The transformation of the electricity, transport, industry and land‑use sectors is already underway – and high‑quality transition finance will determine the speed and success of this shift. Institutions that act early will shape the standards, investment flows and opportunities that define India’s low‑carbon future.
Join the India Transition Finance Programme (ITFP) Community
The India Transition Finance Programme (ITFP) at the University of Oxford’s Sustainable Finance Group (OxSFG), seeks to provide best practice research and capacity building to support the adoption and use of high-quality transition finance in India.
By signing up to the newsletter, you’ll gain access to:
- New insights, research, frameworks, and applications
- Expert guidance relevant to corporations, financial institutions and policymakers
- Opportunities to engage with leading thinkers shaping India’s transition
- Practical tools to support adoption of high‑quality transition finance
If you work in finance, sustainability, policy or corporate strategy, these insights could directly support how you prepare for India’s emerging transition‑finance landscape.
Driving India’s transition with evidence, expertise and action
We work closely with Indian regulators, policymakers and market leaders to help them:
- Channel capital toward credible transition‑aligned activities
- Strengthen financial resilience to climate‑related risks
- Support a fair and inclusive shift to a low‑carbon economy
Our current focus includes:
- Energy transition risk and the cost of capital
- Climate‑related financial risks
- Climate transition plans
While the ITFP covers all areas of transition finance related to India, so far we have focused on climate-related financial risks and the cost of capital, in synergy with the Environmental Stress Testing and Scenarios (ESTS) and the Energy Transition Risk and Cost of Capital (ETRC) projects, respectively. We are also starting to focus on climate transition plans, in synergy with the Net Zero Transition Plans (NZTP) project.
Why sign up now
India’s transition finance architecture is being shaped right now – and early knowledge holders will have a strategic advantage.
Be among the first to receive insights that could help to inform the next decade of policy, investment and financial regulation in India.
India’s renewable energy sector faces financing challenges that could undermine its 2030 targets, prompting this review of cost of capital dynamics across utility-scale solar and wind projects to address gaps in understanding how financing costs evolve with market maturation and policy intervention.
This study investigates the transmission of carbon risk through supply chain networks and its impact on a firm’s implied cost of equity capital (ICOE), focusing on the Indian market from 2014 to 2024
This paper by Drs Abhinav Jindal, Ruben Kerkhofs and Gireesh Shrimali presents a forward-looking, location focused, technology-wise analysis of physical climate risks for Indian power companies using novel asset-level methodologies.
This paper by Dr Marcin Borsuk and Dr Gireesh Shrimali investigates how climate-related transition risks influence the creditworthiness of non-financial Indian firms. It shows that higher carbon emissions significantly increase credit risks, and impacts vary by firms’ financial health, ESG practices, investment strategies and physical climate risk exposure.
This study investigates the financial impact of climate transition risks for Indian power companies, using a forward-looking, microeconomic climate transition risk model.
This report by Alexandre C. Köberle, Abhinav Jindal, Shivika Mittal and Gireesh Shrimali explores the financial risks and broader economic implications of India’s push for transport electrification, highlighting gaps in climate and financial modeling.
An open, modular, and reproducible framework for the assessment of asset-level physical risk and the translation of these risks into portfolio-level impacts, including multiple financial transmission channels and spatial correlations between climate events.
This report examine risks to firms in the Indian economy from a cost-conscious shift towards renewable energy, focusing on two risk transmission channels: technological and policy risk.
Leadership
Gireesh Shrimali
Head of Transition Finance Research
Ben Caldecott
Director, Oxford Sustainable Finance Group
Researchers
Marcin Borsuk
Post Doctoral Research Associate
Saurabh Trivedi
Post Doctoral Research Associate
Dr Xiaoyan Zhou
Post Doctoral Research Associate
Daniel Dao
Post Doctoral Research Associate
Yan Yu
Research Assistant
Dhruv Singh
Research Assistant
Associates
Abhinav Jindal
Senior Researcher and Energy Economist
Ruben Kerkhofs
research scientist
Dr Dhruba Purkayastha
Sustainable Development and Climate Finance Expert
Dr Dhruba Purkayastha
Advisor to ORF and Consultant at the World Bank
Marcin Borsuk
Post Doctoral Research Associate
India’s renewable energy sector faces financing challenges that could undermine its 2030 targets, prompting this review of cost of capital dynamics across utility-scale solar and wind projects to address gaps in understanding how financing costs evolve with market maturation and policy intervention.
This study investigates the transmission of carbon risk through supply chain networks and its impact on a firm’s implied cost of equity capital (ICOE), focusing on the Indian market from 2014 to 2024
This paper by Drs Abhinav Jindal, Ruben Kerkhofs and Gireesh Shrimali presents a forward-looking, location focused, technology-wise analysis of physical climate risks for Indian power companies using novel asset-level methodologies.
This paper by Dr Marcin Borsuk and Dr Gireesh Shrimali investigates how climate-related transition risks influence the creditworthiness of non-financial Indian firms. It shows that higher carbon emissions significantly increase credit risks, and impacts vary by firms’ financial health, ESG practices, investment strategies and physical climate risk exposure.
This study investigates the financial impact of climate transition risks for Indian power companies, using a forward-looking, microeconomic climate transition risk model.
This report by Alexandre C. Köberle, Abhinav Jindal, Shivika Mittal and Gireesh Shrimali explores the financial risks and broader economic implications of India’s push for transport electrification, highlighting gaps in climate and financial modeling.
An open, modular, and reproducible framework for the assessment of asset-level physical risk and the translation of these risks into portfolio-level impacts, including multiple financial transmission channels and spatial correlations between climate events.
This report examine risks to firms in the Indian economy from a cost-conscious shift towards renewable energy, focusing on two risk transmission channels: technological and policy risk.
Webinar - Assessing Climate Physical Risks in the Power Sector in India - 4th Nov 2025
The India Transition Finance Programme (ITFP) at the Oxford Sustainable Finance Group (OxSFG), is hosting a webinar on Assessing Climate Physical Risks in the Power Sector in India. 4:30-5:30pm IST on Tuesday November 4, 2025.
Webinar - Practitioners’ Insights: Climate Transition: Risks and Opportunities
This CFA Institute webinar provides an overview of climate transition and highlights these principles in the investment process. Dr. Gireesh Shrimali will explore core fundamentals of climate transition as well as the associated implications.
Leadership
Gireesh Shrimali
Head of Transition Finance Research
Ben Caldecott
Director, Oxford Sustainable Finance Group
Researchers
Marcin Borsuk
Post Doctoral Research Associate
Saurabh Trivedi
Post Doctoral Research Associate
Dr Xiaoyan Zhou
Post Doctoral Research Associate
Daniel Dao
Post Doctoral Research Associate
Yan Yu
Research Assistant
Dhruv Singh
Research Assistant
Associates
Abhinav Jindal
Senior Researcher and Energy Economist
Ruben Kerkhofs
research scientist
Dr Dhruba Purkayastha
Sustainable Development and Climate Finance Expert
Dr Dhruba Purkayastha
Advisor to ORF and Consultant at the World Bank
Marcin Borsuk
Post Doctoral Research Associate
Webinar Series
Webinar - Practitioners’ Insights: Climate Transition: Risks and Opportunities
This CFA Institute webinar provides an overview of climate transition and highlights these principles in the investment process. Dr. Gireesh Shrimali will explore core fundamentals of climate transition as well as the associated implications.
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OxSFG was established in 2012 and is a multidisciplinary research centre working to be the world’s best place for research and teaching on sustainable finance and investment. We work globally across asset classes, finance professions, and with different parts of the financial system.