The formation of NCEF or National Clean Energy Fund was indeed the right step towards supporting India’s green energy initiatives. The idea was introduced by the Government of India in 2010-11. And upon receiving huge support, it quickly became India’s carbon tax, on coal to generate fund for research and financing clean energy technology. Currently, the name of NCEF has been changed to National Clean Energy and Environment Fund (NCEEF) to support initiatives for clean environment development.
It should be noted that at the beginning, tax imposed on coal on behalf of NCEF was INR 50 per tonne, which eventually ascended to INR 400 per tonne in 2016-17. It is fairly easy to glean from the context that NCEF could have been identified as a very able supporting column for nascent green energy infrastructure of India.