Green industrial policy under financial constraints: Insights from India’s state-led decarbonization
研究了印度在国内外金融约束下，如何通过国家组织融资、有限财政支出和国有企业主导的方式，成功推动太阳能安装和制造业快速发展，为全球南方国家绿色转型提供启示。
State financing in different forms is the core of green industrial policy. In spite of severe domestic and international financial constraints, India’s green industrial policy has delivered a rapid scale-up of both solar installation and manufacturing. Here, I explore how this unanticipated success was possible. I contribute to the literature on how state-led decarbonization can be funded in the global South by examining current assumptions regarding states’ ability to finance industrial policy. I find that India’s approach can be summarized as ‘state-organized financing with limited fiscal expenditure.’ Direct fiscal expenditures by the state are kept at a minimum and narrowly scoped to specific technologies. Instead, most state financing comes from state-owned enterprises and state-owned financial institutions, alongside financial de-risking by state-owned distribution companies. This is complemented by state-ensured demand and import barriers. Through this approach, fiscal spending makes up a low proportion of overall state financing in India’s green industrial policy. This finding suggests that green industrial policy may be feasible in countries under financial constraints, supporting an emerging research agenda on state agency and policy maneuverability for steering a green transition in the global South.