British International Investment Surpasses $1 Billion Climate Commitment in India, Empowering EV Innovator Turno!
British International Investment (BII), the UK-based development finance institution, has surpassed its commitment to invest $1 billion in climate finance during its 2022-2026 strategy period, having reached a total of $1.1 billion in cumulative climate investments in India. On the same day, BII announced a significant ₹43 crore investment in Turno, an Indian electric vehicle (EV) battery infrastructure company, aimed at boosting the launch of its new e-bus unit, ElectricGo.
As Mumbai Climate Week unfolds, BII’s investment milestone underscores its dedication to scaling climate solutions throughout India and facilitating the nation’s transition to a low-carbon economy. “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,” stated Shilpa Kumar, Managing Director and Head of India at BII. Kumar highlighted how BII’s diverse partnerships, spanning clean mobility, smart metering, and agri-tech, illustrate the potential of climate investments to foster economic resilience, innovation, and inclusive growth.
India has set an ambitious aim to achieve net-zero emissions by 2070, focusing on investments in clean energy, electric mobility, sustainable agriculture, and climate-resilient infrastructure as vital components of this transformation. Recent developments within BII’s green portfolio further emphasize this commitment. Notably, GreenCell Mobility plans to introduce 570 electric buses in Delhi, enhancing zero-emission public transport options, while EnerGrid has commissioned India’s first standalone utility-scale battery energy storage system, boasting a capacity of 360 MWh.
According to BII, over 40% of its annual commitments in Asia and Africa now support climate-related initiatives. In 2023 alone, BII’s renewable energy efforts contributed to avoiding an impressive 1.5 million tonnes of carbon emissions. BII is dedicated to investing in businesses within developing countries with the dual aim of improving lives while safeguarding the planet.
With the Indian government targeting 500 GW of non-fossil power generation capacity by 2030 and achieving net-zero emissions by 2070, there has been a noticeable uptick in investments directed toward the energy transition. Just last year, BII invested $100 million in ReNew’s solar module manufacturing division, acquiring a 10% stake in the operation.
A recent report by NITI Aayog underscores the necessity for a well-structured expansion of clean electricity capacity, alongside significant investments in grid infrastructure and system flexibility. The report emphasizes that electricity will play a pivotal role in India’s economic growth and decarbonization efforts. As the nation expands its manufacturing capabilities, urban infrastructure, and digital economy, a notable increase in power demand is anticipated, heightening the importance of reliable, affordable, and progressively cleaner electricity to meet emerging needs.
Through its strategic investments, BII is not only paving the way for sustainable solutions in India but also setting an example for international climate finance initiatives. As the country embarks on this transformative journey, the role of institutions like BII will be crucial in driving economic and environmental progress.
Original Source: https://www.livemint.com/news/india/british-international-investment-tops-1-billion-climate-investment-target-in-india-backs-ev-firm-turno-11771341374840.html
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Publish Date: 2026-02-17 21:12:00
