Climate investing has grown from a niche investment vertical market to a widely recognised market that attracts billions of PE and VC capital globally and in India. In 2023, venture and growth investment into climate totalled $32 billion around the world and $804 million in India. The size of our network reflects the vast opportunity and high levels of enthusiasm.

Given this step change in the flow of capital, one would assume that the ecosystem in India has evolved and that the continuum of capital functions smoothly, with multiple instruments and funding approaches accessible and affordable for scaling climate innovations.

We decided to unpack this hypothesis in the third India Climate Finance Report and examine what really exists in terms of a continuum, how smooth the handovers are and what’s still missing to enable climate innovation at scale. This report is a combination of survey insights and deep-dives/ guest articles from peers and partners in the ecosystem. With the focus on mapping, this time we’ve requested guest articles from stakeholders working at very specific points/ junctures of the continuum, and asked them to comment on what’s working and what isn’t. We’ve also tried to highlight the opportunity for family offices and emerging foundations with more broad-based/ flexible mandates. Also as always, we have highlighted the role of appropriate and accurate climate impact measurement, as a reflection of the value created.