ProClime Services Pvt Ltd to Invest $150 Million in Carbon Projects in India and Sri Lanka
ProClime Services Pvt Ltd, a burgeoning startup dedicated to the climate sector, is poised to channel approximately $150 million into carbon projects spanning various sectors in India and Sri Lanka over the next 12 to 18 months. The Chennai-based firm plans to unveil a minimum of three carbon projects monthly until September in both nations, identifying 18 sectors for project development.
Securing a $150 million fund from diverse global investors, ProClime is set to commence deployment towards carbon projects this month, announcing three projects per month. These initiatives will encompass nature conservation, sustainable agriculture, biodiversity, and more, with a proactive pursuit of government projects. Post-September, the company’s focus will shift towards project execution, as stated by Kavin Kumar Kandasamy, CEO of ProClime, during a conference in Chennai.
In addition to its ambitious investment plans, ProClime is on the verge of commissioning a microgrid project in Jangaon District, Telangana, aimed at supplying energy to approximately 250 families, schools, and other entities.
ProClime operates across three primary business segments. Firstly, in carbon projects, the company engages in the design, development, implementation, and investment in carbon projects, spanning a diverse range of types and typically taking six months to a year for development. Secondly, in carbon trading, ProClime assists non-climate companies in offsetting their emissions by procuring carbon credits from climate firms. Acting as portfolio managers, the company ensures a market for carbon credits until they are liquidated. Thirdly, in climate investments, ProClime funds projects aimed at reducing carbon emissions, such as renewable energy initiatives and energy-efficient building upgrades, while also providing comprehensive advisory services.
Employing approximately 40 individuals, ProClime has been actively contributing to the Climate Change Mission of the Tamil Nadu government, alongside collaborations with several other state governments across India.
Highlighting Tamil Nadu’s proactive stance in executing carbon projects, Kandasamy revealed the company’s commitment of ₹450 crore investment in the state for carbon project development. Tamil Nadu’s initiatives, including the Green Tamil Nadu mission, wetland mission, coastal restoration mission, and the overarching Climate Change Mission, underscore its leadership in climate action. Noteworthy initiatives such as the establishment of the Tamil Nadu Green Climate Fund and Tamil Nadu Green Climate Company further exemplify the state’s dedication to environmental sustainability. Additionally, Tamil Nadu’s pioneering efforts in climate monitoring, with district-level committees and a comprehensive greenhouse gas inventory, set a precedent for other states in the country.
Source – adaderana.lk
