The Tamil Nadu government unveiled its innovative plan to establish the Rs 1,000 crore Tamil Nadu Green Climate Fund (TNGCF) on January 2. TNGCF would provide funding for projects that will help the state become greener and mitigate climate change. A fiscal announcement from 2022 inspired the creation of the fund.
M.K. Stalin, the state's chief minister, has set a high bar for his state to attain net-zero emissions by 2070. Tamil Nadu will lead the nation in pursuing both social and environmental justice. We will prioritize conserving the environment even as we concentrate on industrial development, he adds.
TNGCF Fund Collection Plans
For the purpose of achieving Stalin's objective, TNGCF is prepared to set the pace. Government, institutions that support development, and global climate funds will all contribute resources to this effort.
The fund would be administered by the Tamil Nadu Infrastructure Fund Management Corporation, with a greenshoe option of an extra Rs 1,000 crore.
According to state finance secretary N. Muruganandam, "via TNGCF, we can receive funding from international markets where there is a desire for these programs. The state can access the worldwide market for green-labeled funds as many of those investors have commitments to engage in green initiatives. We will be able to give these projects money at a discount because they anticipate relatively lower returns.”
The fund's potential investment areas include sustainable agriculture, waste management, water resource management, carbon and greenhouse gas reduction technologies and projects, pollution control technology and products, renewable green energy, and climate-friendly goods and alternatives.
Tamil Nadu Climate Action Initiative Missions
The government has established three crucial missions: the Tamil Nadu Wetlands Mission, the Tamil Nadu Green Mission, and the Tamil Nadu Climate Change Mission. In order to efficiently manage climate action initiatives, it has also established the Tamil Nadu Green Climate Company (TNGCC), a special-purpose vehicle.
In order to climate-proof districts and villages, the government is integrating local climate concerns with its development plans as part of the Climate Change Mission.
The state is also working on a number of initiatives to finance climate change mitigation projects. Stalin has announced the construction of 10 smart climate settlements, 25 model green schools, and two green monuments.
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