Unlocking a Greener Future: New Fund for Low Carbon Innovation in India

HCL Group, a major player in India’s tech industry, has teamed up with the India Climate Collaborative (ICC) to launch the HCL ClimaForce Fund. This initiative aims to bolster innovative solutions that can significantly impact climate goals, including India’s commitments under the Paris Agreement and the Montreal Protocol.

While the initial fund is modest at Rs 25 crore, it signals a growing trend. Corporate involvement in climate action is crucial; the government alone can’t tackle these challenges. This fund encourages companies to focus on sustainable solutions for reducing carbon emissions.

The ClimaForce Fund will kick off by supporting over 20 market-ready projects targeting low-carbon alternatives in crucial areas such as cooling, building construction, and transportation. The growing demand for cooling in India is particularly pressing, with estimates predicting an eightfold increase by 2037-38. Similarly, construction in India could double by 2040, raising concerns about energy use and emissions.

Roshni Nadar Malhotra, Chairperson of HCL Group, emphasizes the need for real solutions. “We aim to connect innovation with practical application,” she stated. Unlike traditional grants, this fund will pilot selected innovations in real-world settings, backed by expert technical assistance.

Shloka Nath, CEO of ICC, underlined the urgency of climate solutions. “The HCL ClimaForce Fund is a vital move to balance India’s growth with environmental sustainability,” she said.

Additionally, with freight emissions projected to potentially soar by over 450% by 2050 — primarily from road transport — the fund’s phased approach is timely. The first phase will tackle cooling and building solutions, while freight innovations will be introduced in 2027.

Statistics from recent reports highlight the escalating climate crisis. According to the International Institute for Environment and Development, nearly 40% of global emissions come from buildings and transport. Governments and corporations alike must collaborate to create impactful changes.

This partnership between HCL and ICC demonstrates how corporate responsibility can drive progress. Engaging multiple stakeholders is essential in our journey towards a more sustainable future.



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