Meet Vaishali Nigam Sinha,

Co-Founder, ReNew 

Chairperson, Sustainability

You transitioned from an investment banker to a philanthropist, and eventually an entrepreneur in green energy. Tell us about these shifts and what inspired them?

Entrepreneurship happened accidentally to me. I was advising a client on a charitable venture to set up a fundraising platform. I thought creating a platform for donations to causes that are dear to us was a brilliant idea. I was involved with charities as a young professional during my stint with JP Morgan. While I thought it was very easy to donate in the US and UK, when I returned to India, I found it wasn’t easy here. Feedback was limited and there was a lack of transparency. So, this idea of creating a social enterprise excited me. The excitement of making a difference and leveraging technology to drive social impact led to establishing iCharity. In 2010, my husband, the founder of ReNew, identified IPPs [independent power producers] as an area of opportunity, and I jumped in to take it on as well. It was also an opportunity for me to use my background in finance to ensure there was adequate capital for the business through fundraising from international investors.

Your career has been marked by innovative new ventures. One could see Savant, the boutique investment bank you started in 2010, as natural progression. But what followed seemed quite unexpected. iCharity was one of the frontrunners in bringing philanthropy to the digital space. ReNew, which you co-founded, advances affordable and clean energy. What drives you to identify these opportunities and take risks on new ideas?

Although the shift from investment banking to philanthropy with iCharity might seem unexpected, it was driven by a deep-seated desire to leverage technology for social good. This was an experiment and a test of my ability to identify opportunities and build a technology-driven business model to leverage my financial acumen for social good. The decision to co-found ReNew was a natural culmination of these accumulated experiences. The energy sector, grappling with issues of energy security and energy access, presented a massive opportunity to deep dive into the sector. Despite not having direct exposure to technology, I took the plunge and used my skills in finance and social strategy to create a sustainable business, while addressing the critical societal challenges associated with energy justice. This was not just a business opportunity but a mission to build a better future. 

You were the chairperson of the Confederation of Indian Industry’s Indian Women Network. What are the biggest challenges women in Indian business face today, and how has gender parity evolved in your own experience throughout your career?

Even though women make up 48 percent of the population of our country, they only contribute to 18 percent of the GDP. Research shows that a 10 percent increase in women’s participation can boost India’s GDP by $770 billion by 2025. I have observed multiple challenges that women face in the Indian business ecosystem, starting from representation in leadership (with only 18 percent board seats held by women) to access to financing (with only six percent of funding going to companies founded by women). When I began my career, the energy sector predominantly consisted of men. Even today, women in the renewable energy industry in India account for 11 percent, fewer when not counting administrative occupations. In the past year, India has witnessed a substantial increase of 38.6 percent in the gender budget, which underscores the government’s commitment to women-led development. But governments, along with the private sector, must implement women-centric policies and legislation focusing on maternity benefits, equal pay, and preventing discrimination.

You’re the co-chair of the finance and infrastructure vertical of Business-20 (the official G20 dialogue forum with the global business community). Would you tell us some of your key insights into the global culture of business innovation, and India’s contribution to, and engagement with it?

This role has allowed me to take forward the momentum we initiated in India to the new opportunities in Brazil, followed by the immense learnings that will continue to shape the narrative of a global culture of business innovation and infrastructure. The energy sector in India is witnessing a dynamic shift, which is driven by business innovation and policies. The nation’s policy landscape is enabling clean energy infrastructure, while building emerging technologies rooted in economic viability. As the country remains committed to achieving its 500GW renewables target, we must recognize how we have emerged as a hub of unique local innovations starting from large-scale solar parks to decentralized energy solutions to solar PV manufacturing. At the heart of these innovations is the partnership between the government, private sector and academia. These collaborations enable knowledge sharing and exchange of resources and skills, which further drive tech innovation and sustainable business models.

How can ReNew contribute to the government’s net-zero goal? What role can private sector innovation and investment play in driving low carbon and climate-resilient growth in India, and how can public-private partnerships (PPP) be structured to enable this?

ReNew has been a pioneer in India’s clean energy sector since its inception in 2011, predating the Paris Agreement. Our unwavering commitment to India’s net-zero goals is reflected in our SBTi-validated net zero-target of 2040, a first for a pure-play renewable energy company. We are one of the first Indian renewable companies to reach the 10 GW capacity.

Our sector is a shining example of how India shines when policies of the government help the private sector outperform targets. At ReNew, the PPP model has been particularly effective in scaling up renewable energy projects, as evidenced by the growth of project capacities from 25 MW to 250-400 MW. India has a target of achieving 50 GW year on year to reach the 500 GW goal, against which we are already executing 20-25 GW currently. I also think now is the time for major private sector organizations to recognize that decarbonization is the way forward for their operations, which will propel India’s national targets even further.

How can we ensure a sustainable transition to decentralized energy in rural India, while incorporating local practices and knowledge?

In India, decentralized renewable energy (DRE) has emerged as a game-changer, especially for off-grid and remote communities. These standalone renewable systems like solar home units and mini-grids are providing reliable power. Starting from solar irrigation pumps to solar-powered health care to solar mills, DRE is transforming lives, communities and businesses by creating livelihoods through energy access and fuelling economic growth. These solutions are also contributing to the welfare of women, helping them revive businesses and generating income. At the ReNew Foundation, one of our flagship initiatives, Lighting Lives, provides access to electricity to schools through DRE systems. Another flagship initiative, Project Surya, aims to train low-income women salt pan workers in the Little Rann of Kutch as solar panel and solar pump technicians, helping them leapfrog into the modern clean energy sector. Our initiatives focus on both local knowledge and local communities, demonstrating that a sustainable transition to decentralized energy in rural India is not just feasible but necessary.

Discover more in the third edition of UNDP India's flagship magazine Inspiring India