New Delhi, Oct. 14 -- India has set ambitious climate goals, but lacks a critical piece: the institutional and financial architecture to achieve them. Estimates suggest India needs over $ 1.5 trillion by 2030 to meet its climate and net-zero pledges. Attracting finance is a challenge, but the deeper issue lies in how these funds are managed. Fragmented responsibilities, opaque spending and weak accountability risk keeping ambitious pledges from becoming bankable projects.

Fiscal credibility and climate ambition are two sides of the same coin. Mobilizing capital at scale requires a public financial management (PFM) system that covers budgeting, reporting and auditing, and functions with clarity and predictability. In other words, India ne...