Landscape of Green Finance in India 2026

India’s tracked green finance increased substantially from FY2016-17 to FY2023-24, driven largely by domestic capital. Tracked mitigation finance remains concentrated in established sectors and technologies, while tracked adaptation finance remains largely public. To sustain recent momentum and meet India’s climate targets, the country now needs to broaden and diversify investment toward emerging sectors and technologies and adaptation priorities. Achieving India’s climate and development goals will require not only increased finance but also diversified sources.

India’s tracked climate mitigation flows reached INR 6,685 billion (USD 81.9 billion), and adaptation flows reached INR 1,510 billion (USD 18.5 billion) in 2023/24. This report captures mitigation and adaptation finance for select sectors and adopts a conservative approach to tracking this subset of green finance, meaning that numbers do not reflect all green finance flows in the country. In addition to flows tracked on a comparable basis with previous editions, the figures in this report also include flows captured through expanded data sources and flows to sectors and activities added this year:

• For mitigation, about INR 99 billion (USD 1.2 billion), or 1.5% of the total tracked in 2023/24, was captured through additional tracking of investments under battery energy storage systems (BESS), pumped storage plants (PSPs), and electric vehicle (EV) charging infrastructure.
• For adaptation, the first-time addition of adaptation-related health activities accounts for INR 360 billion (USD 4.4 billion), or approximately 24% of the total tracked in 2023/24.

Domestic sources accounted for the largest share in both mitigation and adaptation finance, with differing contributions from public and private sources. Domestic finance accounted for 88% of total mitigation flows in 2023/24, with 68% contribution from private sources. Meanwhile, domestic sources accounted for 95% of tracked adaptation finance, mostly from public sources, particularly government budgets. International finance accounted for remaining shares, with private sources contributing to 61% of international mitigation finance, primarily through foreign direct investment (FDI). International flows tracked for adaptation were mainly from public development finance institutions (DFIs).