India, July 28 -- For years, climate finance has largely been viewed through the prism of environmental responsibility and international equity. Developed countries were expected to mobilise resources, while developing economies argued, quite rightly, that historical emitters must shoulder a greater share of the burden. That conversation remains relevant. But it is no longer enough.

Today, climate finance has evolved far beyond the confines of climate diplomacy. It has become a defining economic issue that will influence industrial competitiveness, global trade, investment flows, financial stability and long-term economic resilience. For India, the question is no longer whether climate action is compatible with growth. The question is wh...