Presentation short abstract

This paper explains how the Indian state drives hydropower expansion through political-economic de-risking--weakening regulation, easing credit, absorbing stalled projects—while resisting local opposition, producing a form of green developmentalism that protects entrenched interests.

Presentation long abstract

This paper critically examines the political economy of hydropower in India since its global reconfiguration as ‘green energy’ in the early 2000s. While an expedient convergence of interests amongst key stakeholders--global, national and subnational- contributed to the greening of hydropower in India, this reframing did not produce the expected flows of private capital. The state has persisted in its support for hydropower development, citing its importance for grid stabilisation and national security, despite popular resistance among local stakeholders who contest the consumption-driven development model. To understand why the Indian state frames hydropower as green energy and continues to pursue it despite challenges in attracting private investment, the article posits that this greening experiment must be situated within a longer continuum of state policy towards hydropower. It argues that the greening of hydropower is driven less by global finance and more by domestic political economy that undermines local ecological autonomy. In particular, the state has adopted political and financial "de-risking" techniques that include diluting environmental regulation and easing access to credit, while handling contentious elements such as land acquisition, absorbing stalling (or stalled) projects when all else fails. It concludes that the Indian case of greening hydropower represents a distinctive form of green developmentalism, where the state pursues its long-term agendas, protects powerful interests, and leaves coal hegemony untouched.