This paper has been jointly prepared by Indian Council for Research on International Economic Relations (ICRIER), Climate Policy Initiative (CPI), New Delhi, and Stockholm Environment Institute (SEI). The project has been overseen and led by Rajat Kathuria (Director, ICRIER) Luca de Lorenzo (Head of Unit, Climate, Energy and Society, SEI) and Gireesh Shrimali (Director, CPI India). The study was funded by the Swedish Energy Agency as part of its support for the New Climate Economy (NCE). The authors acknowledges and thank the valuable contributions made by Ms. Geetali Tare (Financial Advisor, New Delhi Municipal Corporation), Ms. Khomotso Letsatsi (ex-Treasurer, City of Johannesburg),Mr. Prasad Thakur (War Room, Pune Municipal Corporation, Pune), Mr. William Streeter
(Infrastructure Finance Advisor, United States Department of the Treasury, New York), Mr. Anurag Mishra (Senior Clean Energy Specialist, USAID). We would also like to thank Sanjay Damija (IMI Delhi) and Sandeep Thakur (NIUA) for their valuable comments and suggestions. The findings of this report do not necessarily reflect views of any the representatives of organizations and government departments that were interviewed. Any shortcomings or errors are those of the authors alone.