UK’s climate investment in India exceeds $1b target

The investment advances India’s 2070 net-zero emissions goal.

The British International Investment (BII) invested $1.1b in climate finance in India, surpassing its $1b target for the 2022-to-2026 strategy period, according to a press release.

BII also committed $4.8m (INR430m) to Turno, a battery infrastructure company in India. The capital will support ElectricGo—a unit to finance 34 intercity electric buses—following an investment in the firm in 2024.

Shilpa Kumar, BII Managing Director and Head of India, said the investment aligns with BII’s strategy to support India’s transition to a low-carbon economy, with the country targeting net-zero emissions by 2070.

The BII climate portfolio focuses on clean energy, electric mobility, agriculture, and infrastructure, including GreenCell Mobility’s plans to deploy 570 electric buses in Delhi and EnerGrid’s commissioning of a 360 MWh battery energy storage system after a $110m commitment from BII.

Other milestones include Fasal’s launch of automation tools for farmers and Grow Indigo securing Verra approval for a soil carbon project for smallholder farmers, the press release said.

Climate projects represent 40% of BII’s annual commitments in Asia and Africa. The renewable energy portfolio prevented 1.5 million tonnes of carbon dioxide emissions in 2023.

(US$1 = INR90.8)