For nearly two centuries, India’s financial story has flowed through Mumbai. From the founding of the Bombay Stock Exchange in 1875, Asia’s oldest, to the rise of modern banking and impact investment, the city has always been a mirror of the nation’s economic imagination.
But that imagination is being tested. Around the world, finance is being redefined not just by growth, but by what it grows. Globally, sustainable investment funds reached USD 3.5 trillion in assets under management by mid-2024, reflecting a 7.7 percent increase year on-year as institutional investors rebalanced toward ESG-aligned portfolios (Morgan Stanley Institute for Sustainable Investing, 2024).
In India, the momentum is visible but far from sufficient. The country mobilised approximately INR 3.7 trillion (USD 50 billion) in green-finance flows during FY 2021-22, most of it directed toward mitigation sectors such as renewable energy and sustainable transport. Yet to meet its climate and development targets, India needs close to USD 170 billion every year through 2030 (Climate Policy Initiative, 2024).
🤔 Why Now?
In April 2023, the Reserve Bank of India issued the Framework for Acceptance of Green Deposits, effective June 1, 2023, enabling banks and NBFCs to mobilize funds specifically for green activities. (SSRN)
On 12 July 2023, the Securities and Exchange Board of India introduced the BRSR Core framework, mandating enhanced ESG disclosures and assurance for India’s listed companies. (sebi.gov.in)
These twin moves mark a regulatory inflection it has arrived.
🛣️ The Way Forward
Momentum is shifting from intent to investment.
By the end of 2024, India’s cumulative issuance of green, social, sustainability, and sustainability linked (GSS+) bonds reached USD 55.9 billion, with green bonds accounting for nearly 83 percent of that total (Climate Bonds Initiative, 2024).
At the policy level, the International Financial Services Centres Authority (IFSCA) has begun to anchor India’s sustainable-finance ambitions within GIFT City.
In 2023, it set up an Expert Committee on Voluntary Carbon Markets and, in 2024, introduced a Framework for ESGLabelled Debt Securities. These moves signal a clear intent to make GIFT City a credible global gateway for green and transition capital (IFSCA, 2024).
Meanwhile, domestic participation is deepening. According to the India Brand Equity Foundation (IBEF), the total assets under management of ESG-focused funds in India stood at approximately ₹9,753 crore (≈ USD 1.18 billion) as of March 2024. (Fortune India)
The direction is clear. Regulation is setting the rails. Capital is beginning to flow. Mumbai’s financial ecosystem is positioning itself as both the engine and the benchmark for impact-driven growth across emerging markets.
Spotlight: Acumen — Investing Where Markets Fail
Founded in 2001, Acumen is one of the world’s leading impact investment funds, deploying patient capital to tackle poverty and climate challenges across emerging markets.
According to its latest disclosures, Acumen manages USD 216.2 million in total assets and raised USD 51.4 million in philanthropic capital in 2023 to expand its global portfolio (Acumen Financials, 2023).
Since 2006, Acumen India has invested in over 30 social enterprises focused on renewable energy, sustainable agriculture, and dignified jobs reaching more than 60 million people across India.
Its active portfolio includes enterprises such as Green Worms, ReCircle, S4S Technologies, LabourNet & more which are advancing circular economy models, off-grid energy access, smallholder productivity, and skill development in rural communities.
By combining financial discipline with social purpose, Acumen continues to prove that impact investing is not charity it’s market transformation, designed to make prosperity equitable and resilient.
🚨 Hottest Grants this Week
💰AndPurpose Grants
The Danforth Conservation Grants 2026, offered by Roger Williams Park Zoo through the Sophie Danforth Conservation Biology Fund (SDCBF), support global projects protecting threatened species and habitats. The grant funds fieldwork, education, and conservation research with a focus on collaborative, ethical, and sustainable methods. Open to organizations worldwide (not individuals), applications must be in English and AI-free.
Deadline: 01st January, 2026
The 2026 Fisher Family Summer Fellows Program at Stanford University invites mid-career professionals from developing democracies to enhance their leadership in democracy, development, and rule of law. This fully funded, three-week residential program brings together 28– 30 global changemakers for intensive training, collaboration, and academic engagement. Applicants must demonstrate proven leadership, commitment to reform, and proficiency in English.
Deadline: 15th January, 2026
🌿 You’re Invited to IGIF 2025 – India’s Flagship Green Investment Forum
Join global climate leaders, investors, policymakers & innovators to unlock capital and scale India’s green transition.
Theme: “Accelerating Capital Flows for a Sustainable Future”
What to Expect:
1. Launch of India Green Investment Opportunities Report (by IIC & CPI)
2. Deep dives on: Green Hydrogen, Circular Economy, Climate-Smart Agri, Just Transition
3. LP-GP sessions, closed-door roundtables, curated networking mixers
4. Speakers from DFIs, family offices, climate-tech funds, and govt.
📅 30–31 October 2025 | 📍 New Delhi
🌐 www.indiagreeninvestment.com
AndPurpose Forum | Mumbai 2025
Purpose Meets Capital
Join us in Mumbai as we bring together investors, policymakers, and innovators shaping India’s sustainable finance future.
From carbon markets and climate fintech to green infrastructure and inclusive capital, the AndPurpose Forum explores how finance can fund not only growth but also good growth.
🌿 Track: Sustainable Finance: Reimagining Mumbai as the Capital of Impact
📍 Location: Mumbai
Stay updated: andpurpose.world/forums/mumbai
With Love & Purpose
Team AndPurpose
