Comments
ProClime Services Pvt Ltd, a start-up focused on the climate sector, aims to invest about $150 million in carbon projects across sectors in India and Sri Lanka over the next 12-18 months.
The Chennai-headquartered company intends to unveil at least three carbon projects monthly until September in both countries. ProClime has identified 18 sectors for the development of carbon projects in India and Sri Lanka.
$150 million fund
“We have secured a $150 million fund from various investors worldwide. We will start deploying the funds towards carbon projects this month, announcing three projects per month. These projects span nature conservation, sustainable agriculture, and biodiversity, among others. We are also actively pursuing government projects. Post-September, our focus will shift to project execution,” Kavin Kumar Kandasamy, CEO of ProClime, told businessline on the sidelines of a conference in Chennai.
The company is set to commission a microgrid project in Jangaon District, Telangana, on Thursday. The project aims to provide energy to approximately 250 families, schools, etc.
ProClime has three major business segments. Firstly, carbon projects, where the company designs, develops, implements and invests in carbon projects. These projects normally take six months to a year to develop and there are 200 types of carbon projects.
carbon trading
The second area is carbon trading, where ProClime helps non-climate companies offset their emissions by buying carbon credits from climate firms. “In these projects, not owned or commissioned by us, where people lack carbon portfolio management expertise, we act as portfolio managers, offering complete solutions and making investments if needed to ensure a market for carbon credits until they are liquidated,” he explained.
The third area is climate investments, where the company funds projects that cut carbon emissions, like renewable energy initiatives and energy-efficient building upgrades. It also provides advisory services, which encompass all three areas.
ProClime company, which employs about 40 people, has been providing necessary inputs to the Climate Change Mission of the Tamil Nadu government, while it is also working with several other state governments in the country.
TN Projects
The company has already committed ₹450 crore investment in Tamil Nadu to develop carbon projects in Tamil Nadu.
Kandasamy said Tamil Nau is ahead of other states in executing carbon projects with clear policies and associated initiatives. Some of the major initiatives of the states include the Green Tamil Nadu mission to increase the green cover, wetland mission, and coastal restoration mission and it has an overarching project – Climate Change Mission.
Setting up of Tamil Nadu Green Climate Fund, which is a listed fund, and Tamil Nadu Green Climate Company, a catalyst company are unique initiatives of the State.
Tamil Nadu is also the first state in the country to have district-level committees that are in charge of climate monitoring. It is the first state to have a full greenhouse gas inventory. No other state has it,” he added.
Comments
COMMENT NOW
