ProClime to Invest $150 Million in Carbon Projects in India and Sri Lanka

ProClime Services Pvt Ltd, a climate sector start-up, is set to invest approximately $150 million in carbon projects across India and Sri Lanka over the next 12 to 18 months. The Chennai-based company plans to unveil at least three carbon projects each month until September in both countries, targeting 18 different sectors for project development.

"We have secured a $150 million fund from various investors worldwide. We will start deploying the funds towards carbon projects this month, announcing three projects per month," said Kavin Kumar Kandasamy, CEO of ProClime, during a conference in Chennai. These projects will cover nature conservation, sustainable agriculture, and biodiversity, among others. ProClime is also pursuing government projects, and after September, the focus will shift to project execution.

On Thursday, ProClime is set to commission a microgrid project in Jangaon District, Telangana, which aims to provide energy to approximately 250 families, schools, and other establishments. This is one of the many projects that highlight the company's commitment to sustainable initiatives.

ProClime has three major business segments: carbon projects, consulting, and carbon offset services. In the carbon projects segment, the company designs, develops, implements, and invests in various carbon projects, which typically require six months to a year for development. With over 200 types of carbon projects, the company has already committed ₹450 crore to develop projects in Tamil Nadu.

Kandasamy noted that Tamil Nadu is ahead of other states in executing carbon projects, with clear policies and associated initiatives. He highlighted the state's unique approach to climate-related projects, such as the Green Tamil Nadu mission to increase green cover, the Wetland mission, and the Coastal Restoration mission. Tamil Nadu also has an overarching project called the Climate Change Mission.

Tamil Nadu's unique initiatives include the setting up of the Tamil Nadu Green Climate Fund, a listed fund, and the Tamil Nadu Green Climate Company, a catalyst company. Moreover, Tamil Nadu is the first state in India to have district-level committees responsible for climate monitoring and the first to have a full greenhouse gas inventory.

ProClime's substantial investment and its focus on projects in India and Sri Lanka signal a significant push towards sustainable development in the region, with expectations of broad impact across various sectors.

HBL