6 November 2021.
Introduction:
Tamil Nadu government, in a big leap towards climate action, has set up the first setting up the first ever Special Purpose Vehicle (SPV) to manage natural conservation missions in the state.
Highlights:
- The special purpose vehicle is being dubbed as “Tamil Nadu Green Climate Company”.
- The company will professionally manage three critical natural conservation missions namely, Tamil Nadu Climate Change mission, Tamil Nadu Wetlands mission and Tamil Nadu Green movement mission.
- This was created after Prime Minister Narendra Modi committed for India to achieve net-zero carbon emission by 2070.
Members and funds of SPV
The authorised capital of SPV will be Rs 5 crore. Its member includes-
- Chairperson & MD: State Environment Secretary
- Members: Top officials from the departments of finance, municipal administration, energy, agriculture and forests.
Mission of SPV
Mission of SPV comprise of:
- Planning, execution and monitoring of several programme in the state on climate change adaptation & mitigation.
- Wetlands mapping & restoration.
- Enhancing forest & tree cover to 33 per cent.
- SPV will also create strong policy support for climate change, cutting over all sectors of governance.
- It will formulate strategies to reduce greenhouse gas emissions and benchmarking the industries for moving towards green manufacturing.
- SPV will also promote eco-friendly technologies for a sustainable future.
Background
While presenting the revised budget for 2021-2022, State Finance Minister announced three missions. Tamil Nadu Climate Change Mission was launched with a total outlay of Rs 500 crores, to focus on climate change adaptation and mitigation activities.
Tamil Nadu Wetlands Mission
This Mission was launched to identify and map 100 wetlands in 5 years. It will also help in restoring the ecological balance with focus on livelihood at a cost of Rs 150 crore