TN govt enters MoU to create carbon offsetting projects
As per the MoU signed in the Global Investors Meet, Proclime will invest Rs. 450 Crore over the next five years.
TN Secretariat
CHENNAI: The Tamil Nadu government has entered into a Memorandum of Understanding (MoU) with ProClime, a service provided in the climate space, to create employment opportunities through carbon projects directly and indirectly.
As per the MoU signed in the Global Investors Meet, Proclime will invest Rs. 450 Crore over the next five years.
"ProClime is poised to be the first unified climate service provider investing in Tamil Nadu for Carbon Projects that generate Carbon Credits to mitigate climate change. These credits will play a pivotal role in creating a climate economy and support sustainable development goals across Tamil Nadu and further help in meeting India's Nationally Determined Contributions (NDC's). This will further help Tamil Nadu position itself as a front runner in both Indian and Global Carbon markets, " a release from ProClime said.
The release added that in response, the Tamil Nadu government has pledged its commitment to providing essential support and a single window approval mechanism to enable the successful completion of these projects.
Kavin Kumar Kandasamy, Chief Executive Office of ProClime said that the MoU marks a pivotal step towards creating a sustainable and a low carbon future.
"We will be investing in Nature Based Solutions, Agro Forestry, Carbon Capture, Energy Efficiency and Emission Removal projects. These investments will help create high integrity carbon projects across the state that address the demand for high quality carbon credits to help mitigate climate change across India and the world, " he added.