In a significant move toward building a sustainable and climate-resilient future, Maharashtra has launched a new climate finance strategy aimed at mobilising large-scale investments to support the state’s transition to a low-carbon economy.
The Climate Finance Access and Mobilisation Strategy (CFAMS) was unveiled on the opening day of Mumbai Climate Week at the Jio Convention Centre.
Developed jointly by the State Climate Action Cell, WRI India, and the Maharashtra Institution for Transformation (MITRA), the strategy is designed to unlock diverse funding sources, strengthen institutional coordination, and turn policy priorities into actionable climate projects. It will help the state identify, access, and allocate funds for climate action processes across sectors.
Speaking at the event, Praveen Pardeshi, CEO of MITRA and Chief Economic Adviser to the Maharashtra Chief Minister, emphasised the importance of integrating climate action with economic priorities. “As Maharashtra moves toward its goal of becoming a USD 1 trillion economy by 2027-28, climate action must be seen as an economic priority, not just an environmental one,” he said. “Public funding alone cannot meet the scale of investment required.”
The CFAMS also aligns with Maharashtra’s development priorities outlined in the Maharashtra State Action Plan on Climate Change (SAPCC) and Viksit Maharashtra 2047, the state’s long-term vision document. This plan supports the overarching vision of Viksit Bharat 2047, the Government of India’s ambitious agenda to make India a fully developed nation by 2047.
Alongside the CFAMS, the state government also introduced the Maharashtra Climate Finance Dashboard, an online platform that will enable tracking of climate-related expenditures across government departments. This tool is set to streamline decision-making processes and attract capital from financial markets to boost climate action across the state.
Abhijit Ghorpade, Director of the State Climate Action Cell, pointed out the growing climate risks the state faces, underlining the need for timely access to finance. “Maharashtra estimates that around Rs 3 lakh crore will be required between 2024 and 2030 to implement the actions outlined in SAPCC 2.0,” Ghorpade said. “CFAMS is designed to bridge these finance gaps and turn policy priorities into investable actions.”
The state’s push for sustainable investment is crucial, especially in light of increasing climate-related challenges like rising temperatures, unpredictable rainfall patterns, and vulnerability in sectors such as agriculture.
The strategy also proposes the establishment of a Climate Finance Facilitation Desk aimed at streamlining operations and bringing together both public and private stakeholders to work toward shared climate goals. Madhav Pai, CEO of WRI India, highlighted the strategy’s goal to attract private capital through blended finance and risk-sharing instruments. “By targeting the most climate-vulnerable regions and sectors, such as agriculture, CFAMS will catalyze impactful investments,” Pai said.
As Maharashtra works toward its $1 trillion economy ambition, this climate finance strategy represents a crucial step in ensuring that the state’s growth is both sustainable and resilient to the effects of climate change.
