Individual Researcher

Koyel Mandal

Koyel Mandal


Koyel Mandal

Program Area

Environmentally Sustainable Finance


Policy Analysis/Impact Evaluation/advocacy/outreach and communications


Research Interests

Environment and Climate Policy, Environmental Economics, Renewable Energy, Climate Finance, Social Enterprises, Impact Investment, Corporate Social Responsibility


Senior Research Manager


As a researcher and practitioner, Koyel has always been interested in understanding the interactions between environment and development, and how they fare in decision-making contexts that are dynamic and decentralized, and shaped by policies, market frameworks, and information systems. He has worked on several projects that include evaluation of environment and climate policies and programs, understanding investments and adoption barriers in renewable energy, and the role of technology and innovation in sustainable development. He has also coordinated outreach activities and conducted policy advocacy in order to secure support for conservation and legislative initiatives. Koyel has been part of several expert committees and technical groups, and has presented at numerous conferences. He has also handled communications, media relations, and government affairs. As Senior Research Manager, Environment and Climate Change program at the Centre for Development Finance (CDF)- IFMR, he has been involved in developing and implementing key strategic initiatives in the areas of renewable energy, climate change, and environmental quality by using a combination of economic/financial incentives and policy advocacy. Prior to joining CDF, Koyel worked as Fisheries Economist with Ocean Conservancy, a policy advocacy group based in the US.  He led Ocean Conservancy’s efforts to develop and implement incentive-based solutions in the fisheries policy arena and marketplace that helps secure an end to overfishing and achievement of sustainable ocean ecosystems. Koyel has also worked as Project Manager with the Forest Development Authority, Madhya Pradesh Forest Department where he worked on promoting community based micro enterprises, while fostering conservation of forestry resources.  He also worked as a Research Assistant with the Indian Institute of Forest Management where he worked on a project to document and disseminate best management practices in wildlife management across seven different national parks in India.  Koyel holds a MS in Environmental Science and Policy from the University of Wisconsin- Green Bay, PGDFM (forestry management) from Indian Institute of Forest Management, Bhopal, and a B.Sc in Economics from St. Xavier’s college, Calcutta.

CDF Team



  • Online Carbon Footprint Calculator for ICICI Bank

    Online Carbon Footprint Calculator for ICICI Bank

    ‘Go Green’ was started as an organization-wide voluntary initiative by ICICI Bank in 2008. This initiative goes beyond moving the Bank and their employees, their processes and their customers to cost efficient automated channels to [...]

  • Sustainable Urban Infrastructure

    Sustainable Urban Infrastructure

    The Sustainable Urban Infrastructure initiative leverages expertise from CDF’s Urban Infrastructure and Governance and Environmentally Sustainable Finance groups and examines policies and practices that promote environmentally sustainable urban development.

  • Environmental and Social Risks in Project Financing: Evidence from India

    Background: Sustainable finance begins with recognizing the sources of risks – be it financial, social or environmental. Internationally, examples abound of companies or projects that have been shut down or heavily penalized as a result [...]

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