LEPC 4: Capsule Three

 The Path for India’s Climate Transition

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*If you still wish to attend, kindly reach us at [email protected]

LEPC 4.3


One great question of the age is climate change. Every country will decarbonize, and the
electricity sector is a key site of transformation in the decarbonization. Decarbonization in India
is particularly daunting because of the importance of coal and because of structural difficulties
in the electricity sector that are impeding investment. In this session, we discuss the problems
of centrally planned decarbonization and a strategy for decarbonization through a carbon tax
coupled with an electricity sector that is organized through the price system.

Friday, December 10, 2021


Meet & Greet:

6:00 pm – 6:30 pm IST

7:30 am – 8:00 am EDT

12:30 pm – 1:00 pm GMT


6:30 pm – 7:30 pm IST

8:00 am – 9:00 am EST

1:00 pm – 2:00 pm GMT

LEPC 4.3


6.00pm 6.30pm: Meet and Greet

6.30pm 6.32pm: Welcome on behalf of INET LEPC
Dr. Ajay Shah | Research Professor, Jindal Global University & Member of LEPC Steering

6.32pm 6.35pm: Introduction of the Panelists and initial comments
Chair: Jessica Seddon | Global Lead, Air Quality at World Resources Institute (WRI)


6.35pm 6.55pm: Overview of Paper
Speaker: Akshay Jaitly | Strategy and Policy Advisor | Founder, Trilegal

6.55pm 7.10pm: Comments on the Paper
Michael Grubb| Professor of Energy and Climate Change at UCL Institute of Sustainable

7.10pm 7.20pm: Discussant Comments
Rajani Ranjan Rashmi | Distinguished Fellow, The Energy and Resources Institute | Former
Special Secretary, MoEFCC

7.20pm 7.28pm: Question and Answer session
Jessica Seddon to moderate the Q&A session

  Founded in the wake of the financial crisis in 2009, the Institute for New Economic Thinking (INET) is a nonpartisan, nonprofit organization based in New York City devoted to developing and sharing the ideas that can repair the broken economy and create a more equal, prosperous, and just society. INET is dedicated to the rigorous pursuit of innovative economic theories and methods that address society’s most pressing concerns in the following areas: The relationship between finance and the broader economy; Inequality and distribution; The economics of innovation; Environment and resource sustainability. To meet current and future challenges, INET conducts and commissions research, convenes forums for exchanging ideas, develops curricula, and nurtures a global community of young scholars.



The Law, Economics & Policy Conference (LEPC) aims to bring together legal, economic and public policy thinkers to consider a variety of real world issues in a holistic manner. This year, LEPC 4 is a new age virtual series of research papers and interactive discussions. Each capsule within the series will focus on new research involving current and pressing issues facing the region. Organized by the Institute for New Economic Thinking, the previous three LEPC conferences: LEPC 1 (2016), LEPC 2 (2017) and LEPC 3 (2018) were in partnership with the National Institute of Public Finance and Policy (NIPFP) and were held over two full days in New Delhi. The conference attracted a small but selective group of academics, lawyers, policy makers, business leaders and influencers. Solutions to normative questions and policy challenges are increasingly sought via interdisciplinary approaches across law, economics, and public policy. As such, LEPC has endeavored over the years to provide a platform where many different voices deliberate on a single issue in an effort to inform policy.


Capsule One

Capsule Two

Capsule Three

LEPC 4.2

The second conference of this virtual multi-capsule
conference series will focus on:
“Justice Delivery: New Frontiers”


Thursday, August 12, 2021

Meet & Greet:

6:00 pm – 6:30 pm IST

8:30 am – 9:00 am EDT

1:30 pm – 2:00 pm BST


6:30 pm – 7:30 pm IST

9:00 am – 10:00 am EDT

2:00 pm – 3:00 pm BST

Read more about our topic of discussion here:


To learn more,

To learn more,



History of the LEPC

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Akshay Jaitly is co-founder of the leading Indian law firm, Trilegal, and President at 262 Advisors, Paris. With over 25 years of experience in the legal field, Akshay has been an active advisor on cross-border strategy and risk management for businesses across the globe. He is also involved with research initiatives on policy reform in the Indian power and infrastructure sectors. In addition, he is Senior Advisor at Trilegal and a member of their board, an Independent Director on the board of KKR-backed Virescent Infrastructure and Honorary Advisor, NIPFP.

Jessica Seddon is the global lead for air quality at the World Resources Institute (WRI), Senior Fellow at Yale’s Jackson Institute for Global Affairs, and an adjunct fellow (non-resident) with the Wadhwani Chair in U.S.-India Policy Studies at the Center for Strategic and International Studies. At WRI, she leads a team of scientists, strategists, and practitioners who are focused on helping cities and countries manage their air to achieve health, ecosystem, and climate goals. Her own work focuses on the way that new sources of information and environmental awareness can be leveraged to motivate and guide cost-effective strategies for reducing polluting emissions and achieving clean air for all. Seddon also serves on the advisory board of the Wilderhill Global Clean Energy Index (NEX) and the academic councils of Krea University, a new liberal arts initiative in South India, and the Indian School of Public Policy in New Delhi. Prior to joining WRI, Seddon co-founded and led Okapi, an India-based strategy group incubated at Indian Institute of Technology (IIT) Madras that focuses on institutional design for social innovation. Her earlier career spans academic and strategic advisory roles focused on institutional design for integrating science into policy and social initiatives. She has worked with numerous institutions in India, including as visiting fellow at IDFC Institute (Mumbai) and senior fellow at the Center for Technology and Policy, IIT Madras. Seddon has published book chapters and articles on infrastructure, Indian political economy, information technology and governance, environmental regulation, and other institutional design topics in international academic and policy venues, including Cambridge University Press, the Journal of Development Economics, Stanford Social Innovation Review, Foreign Affairs, Bloomberg Businessweek, and Harvard Business Review. Seddon earned her Ph.D. in political economy from Stanford University Graduate School of Business and her B.A. in government and Latin American studies from Harvard University.

Shri Rajani Ranjan Rashmi  is an officer of the Indian Administrative Service of 1983 batch. He was India’s principal negotiator for climate change issues under the UN Framework Convention on Climate Change for several years and was part of climate change policy-making in India in the run-up to and after the Paris Agreement. His last assignment with the Government was in 2018 when he retired as Chief Secretary, Government of Manipur. He has served as Special Secretary in the Ministry of Environment, Forest & Climate Change in the Government of India where he was closely associated with formulation and implementation of policies relating to Climate Change and other major environmental issues. Currently, he is Distinguished Fellow in the Centre for Global Environmental Research in TERI where he works on areas relating to climate change, mitigation and adaptation strategies, carbon markets, and related issues. In 2018-19, he served on the Sub Committee of the Ministry of Finance on Climate Finance. He is a Member of the Technical Advisory Body of the International Civil Aviation Organisation (ICAO) and associated in advisory capacity with several environmental advocacy organisations. He writes extensively on climate change issues in newspapers and journals. Shri Rashmi is alumnus of Patna University and a management graduate from the Free University (Vriet Universitiet) of Brussels.

Michael Grubb is Professor of Energy and Climate Change at University College London (Institute of Sustainable Resources & Energy Institute), and Research Director for ISR. From 2011-2016, alongside academic roles, he has worked half-time at the UK Office of Gas and Electricity Markets (the energy regulator, Ofgem) as Senior Advisor, initially on Sustainable Energy Policy, and subsequently Improving Regulation. He is the author of eight books, sixty journal research articles, and numerous other publications.  Beyond energy and climate change, he is on the Scientific Advisory Boards of the German Inst for Economic Research (DIW Berlin).

Born on 29/12/1959, Dr. Krishnan was educated in Economics at St. Stephens College and Law at the Campus Law Centre University of Delhi & obtained his Ph.D in Economics from IIM Bangalore. He joined the IAS in 1983.

He served as a Secretary Ministry of Skill Development and Entrepreneurship Government of India (GoI) for three years before his superannuation on 31/12/2019. Prior to that he served in various positions in Government of Karnataka (GoK), GoI and the World Bank primarily in the areas of Economic and Macro Policy (Ministry of Finance, Prime Minister’s Economic Advisory Council) and Rural & Urban Development. He has authored a number of reports and published many academic papers. In the year 2012, Dr.Krishnan held the BoK Visiting Professorship in Regulation in the University of Pennsylvania Law School. On 28/12/2017, Dr.Krishnan was conferred with the Distinguished Alumni Award of IIM Bangalore. He currently serves on the boards of a few not for profit foundations as well as for profit corporate entities.

Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at Centre for Monitoring Indian Economy (CMIE), Indira Gandhi Institute for Development Research (IGIDR), Department of Economic Affairs at the Ministry of Finance and National Institute for Public Finance and Policy (NIPFP). His research is at the intersection of economics, law and public administration. His second book, co-authored with Vijay Kelkar, “In Service of the Republic: The Art and Science of Economic Policy”, featured in Bloomberg’s global “2020 Best Books on Business and Leadership”. His work can be accessed on his home page (http://www.mayin.org/ajayshah) and on the blog that he edits, (http://blog.theleapjournal.org).

Dr. Ila Patnaik serves as a professor at the National Institute of Public Finance and Policy, New Delhi. Prior to this, she was the Principal Economic Advisor to the Government of India. Other former positions include Non-Resident Senior Associate at Carnegie Endowment for International Peace, and regular columnist at the Indian Express. She holds a BA (Economics) from Delhi University, an MA (Economics) from Jawaharlal Nehru University, and a Ph.D.(Economics) from the University of Surrey. Her research interests include international macroeconomics, finance and emerging economy business cycles. Her research on these topics has been published in scholarly journals such as the Journal of International Money and Finance, the World Bank Economic Review, International Finance, and in collected volumes.

Dr. Patnaik served on various working groups and task forces of the Ministry of Finance, such as those on taxation of financial products, and those to create agencies, including the independent Public Debt Management Agency, the Resolution Corporation, the Financial Redress Agency and the Financial Data Management Centre.

Somasekhar Sundaresan is a counsel practising in litigation in the field of economic and administrative law – primarily involving financial sector regulation, competition law, foreign exchange controls, and corporate laws.

As a member of committees set up by the Government of India, SEBI, and the RBI, Somasekhar has drafted laws governing takeovers, insider trading, and corporate governance of banks. He was actively involved in drafting the Indian Financial Code recommended by the Financial Sector Legislative Reform Commission chaired by Justice B.B. Srikrishna. He sits on the Advisory Committee on corporate insolvency and liquidation of the Insolvency and Bankruptcy Board of India.

Somasekhar writes a fortnightly column titled Without Contempt in the Business Standard, teaches securities law in the Government Law College, and is an amateur mountaineer.

Sunanda Nair-Bidkar began her career twenty seven years ago as an Attorney in the Supreme Court of India, attached to the chambers of K.K. Venugopal, the current Attorney General of India. She has been an in–house corporate counsel for the Essar Group, an associate with a boutique international corporate law firm in New York City, and an intern with the United Nations Agency, the World Intellectual Property Organization (WIPO) in its New York office. Besides advising on corporate law and intellectual property law, her focus has been in International Strategy and Development, especially structuring and facilitating entry into new markets.

In 2011, Sunanda founded Indus Interface LLC, an international strategic consulting firm based in the United States, of which she remains the managing director. Sunanda currently consults as the Director of Strategic Planning, South Asia for the Institute for New Economic Thinking (INET) in New York City. A passionate advocate on education and gender justice, she has served and currently serves on various boards in the United States. Sunanda earned a Bachelor of Arts degree in History with Honors from the Hindu College, University of Delhi, a Bachelor of Laws degree from India’s University of Delhi School of Law and a Master of Laws degree from Columbia Law School in New York.