The move comes as Maharashtra seeks to align its development priorities with the Maharashtra State Action Plan on Climate Change (SAPCC) and its long-term vision document, Viksit Maharashtra 2047, in line with Viksit Bharat 2047 — the Government of India’s ambitious agenda to transform the country into a fully developed nation by 2047.
Maharashtra has launched a new climate finance strategy aimed at mobilising large-scale investment to support the state’s transition toward a low-carbon and climate-resilient economy, even as it pursues rapid economic growth.
The Climate Finance Access and Mobilisation Strategy (CFAMS) was unveiled on the opening day of Mumbai Climate Week on Tuesday. Developed jointly by the State Climate Action Cell with support from WRI India and the Maharashtra Institution for Transformation (MITRA), the strategy provides a basis to identify, access, mobilise and allocate funds for climate action processes across the state.
The move comes as Maharashtra seeks to align its development priorities with the Maharashtra State Action Plan on Climate Change (SAPCC) and its long-term vision document, Viksit Maharashtra 2047, in line with Viksit Bharat 2047 — the Government of India’s ambitious agenda to transform the country into a fully developed nation by 2047.
State officials have accredited that public spending alone will not be sufficient to meet the large scale of investments required for climate action. Alongside the strategy, the state also announced the development of the Maharashtra Climate Finance Dashboard. The online platform will be able to track climate-related expenditure across government departments, support decision-making, and help attract capital from financial markets.
“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,” said Praveen Pardeshi, CEO of MITRA and Chief Economic Adviser to the Maharashtra Chief Minister. “Public funding alone cannot meet the scale of investment required.”
He said CFAMS strengthens the state’s ability to draw in finance from multiple sources and better align planning, budgeting and investment. “By doing so, it supports climate-resilient infrastructure, clean energy, and long-term growth that is competitive, inclusive and fiscally resilient,” Pardeshi added.
Officials also pointed to the tendencies of growing climate risks facing the state. Abhijit Ghorpade, Director of the State Climate Action Cell, Department of Environment and Climate Change, said the success of Maharashtra’s revised climate action plan depends on timely and efficient access to finance.
“Maharashtra estimates that around Rs 3 lakh crore will be needed between 2024 and 2030 to implement actions outlined in SAPCC 2.0,” Ghorpade said. “CFAMS is designed to bridge climate finance gaps by unlocking diverse funding sources, strengthening coordination and turning policy priorities into investable actions.”
Madhav Pai, CEO of WRI India, said the strategy also proposes the creation of a Climate Finance Facilitation Desk to streamline climate finance operations across the state. “WRI India has supported the State Climate Action Cell in designing CFAMS for Maharashtra,” Pai said. “It aims to crowd in private capital through blended finance and risk-sharing instruments, strengthen institutional coordination, and direct finance to the most climate-vulnerable regions and sectors, such as agriculture.”
Indeed unveiling the Climate Finance Strategy for Maharashtra state will open up the further directives to strenghten its Climate Action Plans more effectively.
