KOLKATA: India’s goal to dramatically ramp-up solar and wind energy capacity could get a major boost through two fast-growing financing innovations—green banks and green bonds—according to new analysis released by the Indian Renewable Energy Development Agency in partnership with the Natural Resources Defense Council and the Council on Energy, Environment & Water.These new advanced financing tools could attract much needed low-cost finance for clean energy projects and open market to India’s huge clean energy potential, while helping India achieve its climate goals.Establishing a green bank and accessing green bonds could overcome one of the biggest market barriers—finance. It will attract capital that the Indian clean energy market needs to expand and provide electricity to more than 300 million citizens.India needs as much as Rs 17.5 trillion, approximately $264 billion, in funds to achieve its target of producing 160 gigawatts of power from solar, wind and other renewable energy by 2022. The clean energy target is the centrepiece of India’s climate pledge taken during the international Paris climate agreement recently signed by more than 170 countries at the United Nations “India is at a critical crossroads,” said Sameer Kwatra, climate change and energy analyst with NRDC “To reach India’s ambitious clean energy goals while providing electricity for millions across the vast country, India could tap into two emerging, and environmentally focused, financing mechanisms. Green banks and green bonds can help put India on the road to a clean energy future at home while protecting our climate worldwide,” he said.Growing at a rapid clip, India is currently Asia’s third largest clean energy market, and is poised to become the largest in the next decade.“India can do much more to contribute to the world’s greening,” said Power Minister Piyush Goyal while releasing the reports.