This discussion paper builds on CPI’s earlier work, with a focus on the technologies, challenges, and current state of financing for the decarbonization of India’s iron and steel sectors, since this is the country’s largest GHG-emitting high-growth industrial sector and one of the most challenging to decarbonize. The paper also introduces a conceptual framework for enabling the financing of (sector-agnostic) low-carbon industrial activities at the industry level, as well as measures to stimulate the demand and supply of climate-aligned finance. Finally, it highlights financing and derisking mechanisms that can support low-carbon technologies in the iron and steel sector.