Fadnavis Positions Mumbai as Climate Finance Hub for Global South at Mumbai Climate Week
Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Tuesday positioned Mumbai as a potential climate finance gateway for the Global South, calling for large-scale global investment to fund sustainable infrastructure.
Speaking at the inaugural session of the three-day Mumbai Climate Week (MCW), Fadnavis said the climate transition required in developing economies cannot rely solely on public funding. He stressed the need for catalytic capital, blended finance, innovative risk-sharing frameworks and long-term investment in early-stage technologies.
Mumbai Climate Week and Global Participation
Mumbai Climate Week, described as India’s first citizen-led climate event of its kind in the Global South, has drawn participation from policymakers, business leaders, climate innovators and international figures. Among attendees are former US Secretary of State Hillary Clinton, industry leaders and public personalities.
The event is led by Project Mumbai and supported by the Maharashtra government, the environment and climate change department, the Mumbai Metropolitan Region Development Authority and the Brihanmumbai Municipal Corporation.
Climate Finance and Justice
Fadnavis highlighted Mumbai’s financial ecosystem, including deep capital markets and growing green finance platforms, as strengths that could enable climate capital to flow at scale. He said developing economies must not be forced to choose between economic growth and environmental responsibility.
Addressing the realities of climate impact in a coastal megacity, he noted that extreme rainfall and heatwaves directly affect livelihoods and urban systems.
Maharashtra’s Renewable Energy Push
The Chief Minister said India recently added 55 GW to its installed capacity of 552 GW in one year, with 75% coming from renewable sources. Maharashtra, he added, currently has around 48 GW installed capacity, with 21% from renewable energy.
He outlined plans to increase installed capacity to 84 GW by 2030, with more than half expected to come from green and clean sources through green hydrogen, electric mobility, biofuels and sustainable infrastructure.
Conclusion
Fadnavis’ remarks reflect a broader push to position Mumbai not just as India’s financial capital, but as a global platform for climate finance and sustainable development partnerships.
Our Final Thoughts
Mumbai Climate Week signals an effort to turn climate discussions into actionable financing models. By emphasising blended finance and renewable expansion, Maharashtra aims to balance rapid infrastructure growth with sustainability goals. The Chief Minister’s call for global partnerships underlines the financial scale required for climate transition in emerging economies. If backed by policy clarity and investor confidence, Mumbai could strengthen its position in global green finance conversations.