British International Investment tops $1 billion climate investment target in India, backs EV firm Turno

NEW DELHI: Development finance institution British International Investment (BII) on Tuesday said it has exceeded its commitment to invest $1 billion in climate finance during the 2022-2026 strategy period, with cumulative climate investments in India reaching $1.1 billion.

The UK-headquartered institution also announced a ₹43 crore investment in Turno, an India-based electric vehicle (EV) battery infrastructure company. The funding will support the launch of ElectricGo, Turno’s new e-bus business unit.

“Coinciding with the start of Mumbai Climate Week, BII confirms 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,” said a statement from BII.

“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,” said Shilpa Kumar, managing director and head of India, BII.

India has set a goal to reach net-zero emissions by 2070, with investments in clean energy, electric mobility, sustainable agriculture and climate-resilient infrastructure forming a key part of the transition.

Recent expansion announcements by BII’s green portfolio companies include GreenCell Mobility’s plan to deploy 570 electric buses in Delhi, expanding zero-emission public transport, and EnerGrid’s commissioning of India’s first standalone utility-scale battery energy storage system with 360 MWh of capacity.

According to the statement, more than 40% of BII’s annual commitments across Asia and Africa now support climate-related projects. In 2023, BII’s renewable energy portfolio contributed to avoiding 1.5 million tonnes of carbon emissions.

BII invests in businesses in developing countries with an aim to improve people’s lives and help protect the planet.

With the Indian government targeting 500 GW of non-fossil power generation capacity and net-zero emissions by 2070, investments in the energy transition have gained momentum in recent years. Last year, BII invested $100 million in Nasdaq-listed ReNew’s solar module manufacturing arm and acquired a 10% stake in the business.

A recent report by NITI Aayog said India will require carefully planned expansion of clean electricity capacity alongside major investments in grid infrastructure and system flexibility.

The report highlighted that electricity will be central to both economic growth and decarbonization. As India expands its manufacturing base, urban infrastructure and digital economy, and as sectors such as transport, buildings and industry move toward electrification, power demand is expected to rise sharply, making reliable, affordable and progressively cleaner electricity critical.

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