New Delhi, Nov. 30 -- The Confederation of Indian Industry (CII) has recommended that the government announce a Green Finance Institution (GFI) in the upcoming Union budget for FY27 to mobilize large-scale, low-cost capital for India's green transition across renewable energy, clean mobility, green buildings, and industrial decarbonization.

The green finance institution should be domiciled in GIFT City to leverage regulatory flexibility and attract foreign capital, the industry body said in a statement.

The industry body noted that achieving net zero by 2070 requires nearly $10 trillion in total green investments, with $1 trillion expected to be invested over the next 10-15 years. However, current green finance flows cover only about 25...