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.
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. 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.
