CHENNAI: In a first-of-its-kind initiative in the country, the State government has set up a Tamil Nadu Green Climate Fund (TNGCF) of Rs 1,000 crore which will mobilise resources from various sources to support various climate change mitigation initiatives and green projects.
A Government Order (GO) was issued by the Environment, Climate Change and Forests Department in line with the announcement made in the State budget.
The fund will be used to invest in electric and hybrid vehicles, climate-friendly products and alternatives, pollution control technologies and products, renewable and green energy, conservation and development of forests, including ecotourism, waste management, sustainable agriculture, and water resource management.
The fund will mobilise necessary resources from the government, development finance institutions, international climate funds, etc.
It will be managed by the TN Infrastructure Fund Management Corporation (TNIFMC) Ltd with a fund size of Rs 1,000 crore with a greenshoe option for another Rs 1,000 crore.
The initial commitment for the TNGCF from the State will be Rs 100 crore and will be created through financial instruments like equity, equity-linked instruments, debentures, conve- rtible instruments, etc with a tenure of 10 years.
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