Maharashtra unveils climate finance strategy at Mumbai Climate Week to power green growth

In a major step toward integrating climate action with economic growth, Maharashtra on Tuesday launched its Climate Finance Access and Mobilisation Strategy (CFAMS) at the opening of Mumbai Climate Week. The strategy aims to mobilise large-scale investments to help the state transition to a low-carbon and climate-resilient economy, even as it works toward its ambitious goal of becoming a $1 trillion economy by 2027-28.

CFAMS has been developed by the State Climate Action Cell with support from WRI India and the Maharashtra Institution for Transformation (MITRA). Officials said the framework provides a structured roadmap to identify, access, mobilise and effectively allocate funds for climate-related initiatives across sectors.

The move aligns with Maharashtra’s revised State Action Plan on Climate Change (SAPCC 2.0) and its long-term vision document, Viksit Maharashtra 2047, which complements the Centre’s Viksit Bharat 2047 mission of transforming India into a developed nation by 2047.

State officials acknowledged that public funds alone will not be sufficient to meet the scale of investment required. Maharashtra estimates that nearly Rs 3 lakh crore will be needed between 2024 and 2030 to implement climate actions under SAPCC 2.0.

“As Maharashtra moves toward its goal of becoming a USD 1 trillion economy, 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 Chief Minister. He stressed that diversified financing sources and better coordination between planning and budgeting processes will be critical to achieving long-term, climate-resilient growth.

Alongside the strategy, the state also announced plans to develop a Maharashtra Climate Finance Dashboard. The proposed online platform will track climate-related expenditure across government departments, support informed decision-making and improve transparency. Officials believe it will also help attract domestic and international capital by providing clearer data on climate investments.

Abhijit Ghorpade, Director of the State Climate Action Cell, said the success of Maharashtra’s climate plan depends heavily on timely and efficient access to finance. “CFAMS is designed to bridge climate finance gaps by unlocking diverse funding sources and turning policy priorities into investable projects,” he said.

Madhav Pai, CEO of WRI India, added that the strategy proposes setting up a Climate Finance Facilitation Desk to streamline processes and crowd in private capital through blended finance and risk-sharing instruments. With climate risks increasing, Maharashtra’s latest initiative signals a clear attempt to place sustainability at the centre of its economic growth story.