Reed Hundt was the chairman of the Federal Communications Commission during the Clinton administration, when the internet and cell phones were just starting to take off. He now heads the Coalition for Green Capital, which is helping to start supposedly green banks that finance alternative energies. He sees parallels with the earlier era in the scale and pace of change that is occurring in the energy industry.

These are profound economic changes, ?? he said. The wave of investment, he said, will drive down prices and accelerate the transition from fossil fuels. The direction given by the market is to go towards the cheapest possible fuels which are the wind and the sun, ?? he said.

ReNew Power, one of India’s largest renewable energy companies, is expected to raise $ 1.2 billion through a US PSPC deal. ReNew has borrowed $ 1.4 billion since the end of last year at rates lower than what it had previously paid. The company also plans to more than triple its wind and solar capacity by 2025, chief executive Sumant Sinha said.

ReNew expects revenue, which was around $ 680 million in the year ending March, to increase as the energy market expands in India, the one of the biggest polluters in the world. Over the next two decades, India is expected to add power generation capacity equivalent to what exists today in the European Union, according to the IEA.

Businesses and governments issued nearly $ 315 billion in green and sustainable bonds and other debt securities in the first quarter, more than triple the figure from the previous year, according to the Institute of International Finance. Investors are willing to pay a premium for such obligations, compared to conventional obligations. This ?? greenium ?? drives up bond prices and lowers yields, reducing borrowing costs.

Banks, which for years have been the main backers of fossil fuel companies, see increased financial and reputational risks in these industries. In April, JPMorgan Chase JPM 1.14% & Co. pledged $ 2.5 trillion over the next decade for environmental and social causes, including direct financing of wind and solar projects and support for clean energy companies that raise funds. Bank of America Corp. Alcohol level 1.27% said he hopes to mobilize and deploy $ 1.5 trillion in the sector by 2030.

“Today, banks are fighting over the funding of every wind and solar deal, ?? said Jigar Shah, the new head of the Federal Department of Energy’s Office of Lending Programs, which oversees more than $ 40 billion in federal funding for clean energy projects.

Mr Shah, former chairman of San Francisco sustainable infrastructure firm Generate Capital Inc., said in early May that the Department of Energy’s loan office had more than 130 formal consultations with companies – the last step before a candidate has applied for a loan since taking the job in March. He says he expects to have about 10 deals approved by August.

The credit bureau was criticized ten years ago after the failure of Solyndra, a Californian solar company that she had supported, Mr. Shah talks about the successes,
like Tesla, which received a $ 465 million loan in 2010 that helped it ramp up Model S production and build a plant in California.

At the time, Tesla was a risky startup. Today, it is the most valuable automaker in the world, with a market value of around $ 560 billion. The company repaid the loan earlier than expected in 2013.

The surge in Tesla shares helped spark an investment frenzy around electric cars and batteries, and it boosted the performance of many sustainable investment funds, attracting more liquidity to the sector. Mr Shah said the government can play an important role in supporting start-ups, which attracts other investors.