BII exceeds its $1 billion climate finance pledge for India with $1.1 billion invested since 2022.
New INR 430 million funding backs electric bus deployment and battery lifecycle solutions.
Investments support India’s 2070 net-zero target through mobility, storage, agriculture, and climate-resilient infrastructure.
British International Investment (BII), the UK’s development finance institution and impact investor, has surpassed its $1 billion climate finance commitment for India under its 2022–2026 strategy, confirming $1.1 billion deployed as of Mumbai Climate Week. The milestone reflects accelerating capital flows into clean energy, mobility, and climate-resilient systems in one of the world’s fastest-growing major economies.
Alongside the announcement, BII committed INR 430 million (approximately $5.2 million) to Turno, an India-based electric vehicle battery infrastructure company. The funding will support the launch of ElectricGo, Turno’s new e-bus business unit, enabling financing for 34 intercity electric buses. The investment builds on BII’s 2024 backing of the company and aims to improve the economics of electric fleet adoption through lifecycle intelligence and second-life battery deployment.
Clean Mobility Emerges as Investment Priority
India’s transport electrification push has become a focal point for climate finance, with public transit and fleet electrification seen as high-impact decarbonisation levers. Turno’s model addresses one of the sector’s key barriers: the high upfront cost of batteries and uncertainty around residual value.
By enabling battery reuse and performance tracking across multiple life cycles, Turno reduces financing risk and improves total cost of ownership for fleet operators. ElectricGo’s planned deployment of intercity buses is expected to support emissions reductions while strengthening regional connectivity.
BII’s broader mobility investments include support for GreenCell Mobility, which plans to deploy 570 electric buses in Delhi, expanding zero-emission public transport capacity in one of the world’s most polluted urban regions.
Energy Storage and Grid Stability Gain Traction
Beyond mobility, grid reliability and energy storage remain central to India’s clean energy expansion. EnerGrid, backed by a $110 million BII commitment, has commissioned India’s first standalone utility-scale Battery Energy Storage System with 360 MWh capacity. Storage infrastructure is increasingly viewed as essential to integrating renewable energy and stabilising power supply.
The growth of storage capacity aligns with India’s expanding solar and wind deployment, supporting grid resilience while reducing reliance on fossil-based peak generation.
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Climate-Smart Agriculture Expands Carbon and Resilience Benefits
BII’s climate portfolio also targets agricultural resilience and carbon sequestration. Agri-tech firm Fasal has launched precision automation tools to support farmers across India and Southeast Asia, improving water efficiency and yield resilience under changing climate conditions.
Grow Indigo recently secured Verra approval for its regenerative agriculture project, marking the first VM0042 soil carbon project in India and Asia and one of the world’s first focused on smallholder farmers. The initiative provides farmers with new revenue streams through carbon credits while restoring soil health.
India Central to BII Climate Strategy
Shilpa Kumar, Managing Director and Head of India at BII, said: “India is central to BII’s climate investment strategy. Reaching $1.1 billion in climate investments reflects both the scale of India’s opportunity and BII’s long-term commitment to supporting its transition. Our partnerships, from clean mobility to smart metering and agri-technology, show how climate investment can drive economic resilience, innovation and inclusive growth.”
India has pledged to reach net-zero emissions by 2070, and BII’s expanding portfolio directly supports that trajectory by backing clean energy, electric mobility, sustainable agriculture, and climate-resilient infrastructure.
Investment Implications for Global Capital
Climate finance is central to BII’s mandate, with more than 40 percent of its annual commitments across Asia and Africa directed toward climate-related projects. In 2023, its renewable energy portfolio helped avoid 1.5 million tonnes of CO₂ emissions.
For institutional investors and development partners, India represents a high-growth climate investment market where decarbonisation, infrastructure modernization, and economic expansion are unfolding simultaneously. BII’s latest milestone illustrates how blended finance and development capital can de-risk emerging sectors and crowd in private investment.
As climate financing accelerates across emerging markets, India’s scale, policy ambition, and technology adoption continue to position it as a pivotal arena for global net-zero progress.
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