In a recent study, we take a different approach, using a bottom-up methodology to provide a more accurate estimate of India’s climate finance requirements. We estimate that these four sectors will require a total of US$467 billion in climate finance by 2030, averaging US$54 billion annually, or roughly 1.3 per cent of India’s gross domestic product (GDP). India’s steel and cement industries face far greater climate finance requirements: US$251 billion and US$141 billion, respectively. This suggests that under business-as-usual conditions, the Reserve Bank of India will need to manage external climate finance very carefully. Consequently, while it will largely fall on the private sector to finance India’s energy transition, government support will be crucial.