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

CHENNAI: The Government of Tamil Nadu issued an order to set up the Tamil Nadu Green Climate Fund (TNGCF) worth `1,000 crore to support climate change-related initiatives, greening projects, and mitigation efforts. It is the first-of-its-kind 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 crore.

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

Supriya Sahu, Additional Chief Secretary, Environment, Forests and Climate Change Department, said that under the SEBI Alternative Investment Fund Regulations, 2012, the process of registering TNGCF as a category 1 (social venture fund) will be done in a week or 10 days. “Once the registration is done, we will open the fund for private players for collaborate effort,” Sahu said.

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.

CM Sukhu says HP govt is planning to upgrade ULBs

The Chief Minister of Himachal Pradesh Sukhvinder Singh Sukhu, informed on December 29, that the Government of Himachal Pradesh is considering the plan to upgrade some of the urban local bodies (ULBs) in the state. Sukhu, presiding over a review meeting of the Department of Urban Development, Town and Country Planning and Department of Municipal Corporation, said that the move will not only stop the illegal construction but will also facilitate planned development of these fast-emerging towns. He added that besides constructing children’s parks and parking facilities, authorities should also ensure planned development in these areas.

WB: PM Modi flagged off Vande Bharat Express

Prime Minister of India, Narendra Modi flagged off the Vande Bharat Express from Howrah to New Jalpaiguri virtually. In the virtual address, he said, “Today’s Vande Bharat Train was launched from the land where ‘Vande Mataram’ slogan was coined. The Vande Bharat Express has 16 coaches and will start its journey from Howrah Station to New Jalpaiguri, covering 564 km in 7 hours and 45 minutes. It will stop at three stations, Barsoi, Malda, and Bolpur, and will save three hours of travel time compared to other trains.

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