Rajasthan, Gujarat, Arunachal top India's renewable climate risk map

"The hazard profile is particularly complex: in addition to the hail and tornado exposure it shares with Rajasthan, Gujarat's long coastline introduces cyclone and storm surge risks that affect coastal solar and wind assets," Zurich noted.

Arunachal Pradesh presents the most concentrated risk profile. Just 30 assessed sites carry a Value at Risk of $13.1 billion. A full 96% of assets sit in the critical risk categories 4 and 5. The portfolio is almost entirely hydropower, located in the eastern Himalayan foothills.

Other states show a wide spread. Karnataka has the lowest critical-asset share at just 5%. Uttarakhand sits at the other end with 94% of assets in the highest risk categories, driven by "extremes in Himalayan precipitation – flood risk, slope instability and changing hydrology," the report said. Uttar Pradesh has 78% in the highest categories, with flood exposure from the Ganga river system and extreme heat events.

Zurich said multi-hazard stress-testing of the most exposed projects can help quantify the difference between Value at Risk and actual losses when mitigation actions are taken. The report stressed that forward-looking climate screening should become a standard requirement in site selection, project approval and permitting.