India may not be Paris aligned but that does not mean that key Indian corporates can ignore the technological revolution the decarbonised energy system is bringing in and the demands of Corporate India who are competing on a global stage.

Lee Ray, Senior Corporate Research Analyst – Emerging Markets and Developed Asia, looks at NTPC’s reaction to the demands of the Indian government and the likely future demands of its major clients to assess how that is likely to manifest itself for equity & bond holders. In the report, among other things he assesses –

  • How NTPC’s renewables build out will affect NTPC’s traditional coal business.
  • The effect of cheaper renewables on the visibility of NTPC’s revenues and profits from its legacy coal power business.
  • The opportunity the C&I market offers NTPC’s renewable business & whether it will offset the above.

As with all Carbon Tracker’s work, it is aimed at helping portfolio managers, equity & credit analysts, engagement/stewardship teams & other stakeholders focus in on the key questions to be answered by the C-suite before making any investment decisions.

If you have any further questions, feel free to email Lee at