British International Investment (BII), a development finance organization, announced on Tuesday that it had surpassed its pledge to invest $1 billion in climate finance over the 2022–2026 plan period, with a total of $1.1 billion in climate investments made in India.
Additionally, the UK-based organization revealed a ₹43 crore investment in Turno, an electric vehicle (EV) battery infrastructure business based in India. The money will help Turno’s new e-bus business unit, ElectricGo, get off the ground.
In a statement, BII said, “As Mumbai Climate Week gets underway, BII confirms it has now invested $1.1 billion, demonstrating strong momentum behind its ambition to scale climate solutions across India and help the country’s transition to a low-carbon economy.”
“A key component of BII’s climate investment strategy is India. Achieving $1.1 billion in climate investments shows how big of an opportunity India has and how committed BII is to helping it through this transformation. Our collaborations, which range from agri-technology and smart metering to sustainable mobility, demonstrate how climate investment can spur innovation, inclusive growth, and economic resilience,” stated Shilpa Kumar, managing director and head of BII’s India division.
By 2070, India wants to achieve net-zero emissions, and a major component of that transition will be investments in clean energy, electric vehicles, sustainable agriculture, and climate-resilient infrastructure.
EnerGrid recently announced the commissioning of India’s first standalone utility-scale battery energy storage system with 360 MWh of capacity, while GreenCell Mobility recently announced plans to expand zero-emission public transportation in Delhi by deploying 570 electric buses.
The statement claims that over 40% of BII’s yearly contributions in Asia and Africa currently go toward climate-related programs. The renewable energy portfolio of BII helped prevent 1.5 million tons of carbon emissions in 2023.
BII makes investments in companies in developing nations with the goal of enhancing people’s quality of life and contributing to environmental preservation.
Investments in the energy transition have increased recently as a result of the Indian government’s goal of 500 GW of non-fossil power generation capacity and net-zero emissions by 2070. The Nasdaq-listed ReNew’s solar module manufacturing division received a $100 million investment from BII last year, and the company also purchased a 10% interest.
According to a recent NITI Aayog analysis, India will need to make significant investments in grid infrastructure and system flexibility in addition to carefully planning the growth of sustainable electricity generation.
According to the research, decarbonization and economic growth would depend heavily on electricity. Reliable, reasonably priced, and increasingly cleaner energy will become essential as India’s manufacturing base, urban infrastructure, and digital economy grow, and as industries, buildings, and transportation become electrified.
