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Time of India
30-04-2025
- Business
- Time of India
Climate solutions fund launched to support low carbon innovation in India
NEW DELHI: In a move that may galvanise action on the ground to find climate solutions , one of India's leading tech giants, HCL Group, in partnership with the India Climate Collaborative (ICC), launched a unique fund - HCL ClimaForce Fund - which aims to support market-ready solutions that may contribute to meeting not only India's Paris Agreement goals but also the country's Montreal Protocol commitments in phasing down climate-damaging refrigerants in due course. Tired of too many ads? go ad free now Though the initial corpus of the fund is merely Rs 25 crore as part of the group's philanthropic initiative, the move may encourage other corporates to take a plunge into such support in the country's quest for more climate solutions for both mitigation and adaptation actions in the long run. Such a step appears to be important as the government alone cannot move towards a low-carbon future without the active involvement of all stakeholders. The fund, to begin with, is expected to give a much-needed push to over 20 market-ready solutions or low-carbon alternatives across cooling, buildings, and freight mobility sectors that are critical to India's development and climate goals. It assumes significance in view of the growing cooling demand in the country, which, as per an estimate, is expected to rise eightfold by 2037–38, driven by increasing temperatures and improved living standards. At the same time, India's building sector is projected to more than double by 2040, raising concerns around carbon-intensive construction and energy use. Similarly, in the logistics sector, freight emissions could rise by over 450% by 2050, with road freight accounting for 95% of CO₂ emissions in 2020. "With this initiative, we are investing in innovators who are creating real solutions for India's low-carbon future and also act as a bridge between innovation and adoption of these solutions, leading to a sustainable future . Tired of too many ads? go ad free now This is our first dedicated climate initiative, and we intend to make it count through meaningful partnerships and measurable impact," said Roshni Nadar Malhotra, Chairperson, HCL Group, while making an announcement of the fund a day before its launch. Unlike traditional grants, the ClimaForce Fund will facilitate innovation in a commercial setting. Selected innovations will be piloted with industry partners, backed by expert technical support. According to the HCL Group's statement on the fund, these pilots will serve as a proof-of-concept to validate the innovations, which can then be amplified through strategic visibility with investors and industry. "It is a model that goes beyond proving concepts to driving scale. The first phase of the fund will focus on cooling and buildings, while freight mobility solutions will be included in the fund's second phase starting in 2027," it said. 'We are at a critical juncture where innovation must meet urgency. The HCL ClimaForce Fund is a bold step toward accelerating solutions that can help India grow while staying within planetary boundaries. At the India Climate Collaborative, we believe in the power of partnerships to unlock scale, and this collaboration with HCL Group is about translating climate ambition into real-world impact,' said Shloka Nath, CEO, India Climate Collaborative - a not-for-profit organisation that works for the climate ecosystem in India.
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Business Standard
29-04-2025
- Business
- Business Standard
Cautiously optimistic amid global headwinds: HCL Chair Roshni Nadar
The HCL group remains cautiously optimistic in the face of ongoing global uncertainties due to changes in tariff structures by various countries, including the US, the company's chairperson Roshni Nadar Malhotra said. 'We work for customers across industries which could be impacted by that (tariffs), especially in the largest market, that is the US. It is not us directly. They also realised that the only way they (industries) can counter these tariff pressures and the increase in inflation or costs is by optimisation where technology can help,' Malhotra said. She was speaking at the launch of ₹25 crore HCL Climaforce Fund. The fund will invest in the pilot stage of 20 for-profit companies and ideas working in the areas of cooling, buildings, and freight which are market-ready and have achieved technology readiness level seven. The fund has been launched in partnership with the India Climate Collaborative (ICC), the company said. Apart from supporting market-ready ideas, the climate fund will also look to foster collaboration between the smaller companies working on these ideas and the larger industries which are seeking solutions in cooling, construction, and freight mobility solutions. The fund will be operational for five years. 'We will back over 20 high-potential solutions that are ready for the real world, providing them with partial funding for pilot deployments, helping them access the networks, expertise, and validation where they need to grow,' Malhotra said. The fund, which will cover up to a maximum of 30 per cent of the total cost of the pilot projects, will also support projects in fundraising, market access, and expanding their technology even after the five-year duration of the programme ends, HCL group said in a press note.
