Climate change is not a cliché anymore but a burning reality with far reaching consequences for the very survival of humankind and the nature. India on the one hand is the third largest carbon emitter and on the other hand is susceptible to the high risks of climate change, ranging from heat waves to cyclones and urban and rural displacements. Though India is a major recipient of international climate finance, it is proven to be more than insufficient to meet the climate change adaptations as per Paris Agreement. The present study analyses the challenges and prospects of India with respect to the Green Climate Fund and the imperative for developing its own paradigm of climate finance.