NEW DELHI: Development finance institution British International Investment (BII) said on Tuesday that it has exceeded its commitment to invest $1 billion in climate finance during the 2022-2026 strategic period, taking cumulative climate investment in India to $1.1 billion.
The UK-based institution also announced a ₹43 million investment in Turno, an Indian electric vehicle (EV) battery infrastructure company. The funding will support the launch of ElectricGo, Turno’s new e-bus business unit.
“To coincide with the start of Mumbai Climate Week, BII confirms that it has now invested $1.1 billion, demonstrating strong momentum behind its goal to scale climate solutions across India and support the country’s transition to a low-carbon economy,” BII said in a statement.
“India is at the heart of BII’s climate investment strategy. Reaching $1.1 billion in climate investment 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 agritech, demonstrate how climate investment can drive economic resilience, innovation and inclusive growth,” said Shilpa Kumar, CEO and Director of BII.
India has set a goal of net zero emissions by 2070, with investments in clean energy, electric mobility, sustainable agriculture and climate-resilient infrastructure a key part of the transition.
Recent announcements of expansion of BII’s green portfolio companies include GreenCell Mobility’s plan to deploy 570 electric buses in Delhi, the expansion of zero-emission public transport and the commissioning of India’s first stand-alone 360 MWh battery energy storage system by EnerGrid.
More than 40% of the BII’s annual commitments in Asia and Africa now support climate-related projects, according to the statement. By 2023, BII’s renewable energy portfolio has contributed to the avoidance of 1.5 million tonnes of carbon emissions.
BII invests in businesses in developing countries to improve people’s lives and help protect the planet.
With the Indian government targeting 500 GW of non-fossil generating capacity and zero net emissions by 2070, investment in the energy transition has gained momentum in recent years. Last year, BII invested $100 million in Nasdaq-listed solar module manufacturing arm ReNew and acquired a 10% stake in the business.
A recent NITI Aayog report said that India will require a carefully planned expansion of clean electricity capacity along with major investments in grid infrastructure and system flexibility.
The report emphasized that electricity will be essential for economic growth and decarbonisation. As India expands its manufacturing base, urban infrastructure and digital economy, and as sectors such as transport, buildings and industry move towards electrification, demand for electricity is expected to rise sharply, making reliable, affordable and progressively cleaner electricity critical.