LONDON, Feb 17: British International Investment (BII), the UK’s development finance institution and impact investor, on Tuesday announced an important Indian milestone of exceeding its commitment to invest USD 1 billion in climate finance during its 2022-2026 strategy period.Â
At the start of Mumbai Climate Week, BII confirmed that it has invested USD 1.1 billion to demonstrate strong momentum behind its goal to scale climate solutions across India and support the country’s transition to a low-carbon economy.
It claimed that BII’s growing climate portfolio is directly supporting India’s “ambitious goal” to reach net-zero emissions by 2070, by backing clean energy, electric mobility, sustainable agriculture and climate-resilient infrastructure across the country.Â
“India is central to BII’s climate investment strategy. Reaching 1.1 billion dollars in climate investments reflects both the scale of India’s opportunity and BII’s long-term commitment to supporting its transition,” said Shilpa Kumar, BII’s Managing Director and Head of India.Â
“Our partnerships, from clean mobility to smart metering and agri-technology, show how climate investment can drive economic resilience, innovation and inclusive growth,” she said.Â
The institution announced a further Rs 430 million investment in Turno, an India-based EV battery infrastructure company that uses lifecycle intelligence and second-life battery deployment to make large-scale EV financing more economically viable.
The new funding will support the launch of ElectricGo, Turno’s new e-bus business unit, enabling the financing of 34 intercity electric buses across India. This builds on initial investment in 2024 and expands its support for India’s rapidly evolving EV sector, BII said.Â
The institution highlighted other recent impactful investments such as GreenCell Mobility’s plans to deploy 570 electric buses in Delhi to expand the city’s zero-emission public transport.
Following BII’s reported USD 110 million commitment, EnerGrid is said to have scaled rapidly, including commissioning India’s first standalone utility-scale Battery Energy Storage System with 360 MWh of capacity.Â
Fasal, an agri-tech company, is said to have launched new precision-automation tools to support farmers across India and South-East Asia, and Grow Indigo recently secured Verra approval for its first regenerative agriculture project, the first VM0042 soil carbon project in India and Asia, and one of the world’s first for smallholder farmers.Â
BII stressed that the climate agenda is central to its mandate, with more than 40 per cent of its annual commitments across Asia and Africa now supporting climate-related projects.
According to BII data from 2023, the UK’s development finance institution claims its renewable energy portfolio contributed to avoiding 1.5 million tonnes of COâ‚‚ emissions.(PTI)
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