Title page 1

Contents 1

Executive summary 1

1. Introduction 2

2. Asia is at the end of the beginning of its energy transition 4

3. How is South Asia's energy transition unfolding? 5

4. Why South Asia matters? 5

5. Challenges 6

5.1. Finance: cost, scale, and risk 6

5.2. Technical and structural challenges beyond finance 7

5.3. Inadequate domestic manufacturing capacity, and supply chain concentration 7

5.4. Socio-economic impacts 7

6. Recommendations 8

7. Conclusion 10

References 10