India’s first Green Climate Fund set up in Tamil Nadu worth `1,000 cr

CHENNAI, Tamil Nadu: The Government of Tamil Nadu issued an order to set up the Tamil Nadu Green Climate Fund (TNGCF) worth `1,000 cr to support climate change-related initiatives, greening projects, and mitigation efforts. It is the first-of-itskind fund in the country which will mobilise resources from the government, development finance institutions, and international climate funds. The Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) Limited will manage the fund with a greenshoe option of another `1,000 cr.

The state government will provide the initial `100 cr which will be generated through equity, equity-linked instruments, convertible instruments, and debentures among others with a 10year tenure extendable for two years.

According to the press release, the indicative list of the investment under the fund includes climatefriendly products/alternatives, carbon/ greenhouse gas reduction technologies, renewable green energy, pollution control technologies/products, forest development and conservation including ecotourism, EV/hybrids, and associated infrastructure, waste management, sustainable agriculture, water resource management, etc. To steer climate action plans effectively, the state government has set up three key missions namely, Tamil Nadu Green Mission, Tamil Nadu Climate Change Missions, and the Tamil Nadu Wetlands Mission. It has also set up Tamil Nadu Green Climate Company (TNGCC) which is a Special Purpose Vehicle (SPV) to help implement the state climate action plan.