TN sets up SPV to manage three natural conservation missions

06 Nov,21 9:30 am
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Taking a step in the direction of climate action, Tamil Nadu government has set up the first setting up the first ever Special Purpose Vehicle (SPV) to manage natural conservation missions in the state.

Key Takeaways
• The Special Purpose Vehicle (SPV) is known as as “Tamil Nadu Green Climate Company”.
• The company will professionally manage three critical natural conservation missions– Tamil Nadu Climate Change, Tamil Nadu Green and Tamil Nadu Wetlands..
• This step by Tamil Nadu comes after Prime Minister Narendra Modi committed to India to achieving net-zero carbon emission by 2070.

Authorised Capital and Members of SPV

The SPV’s authorised capital will be ₹5 crore. The State Environment Secretary will be the company’s chairperson and MD, and top officials from the departments of finance, energy, municipal administration, agriculture and forests will be members.

The authorised capital of SPV will be Rs 5 crore. Its member includes-

  1. Chairperson & MD: State Environment Secretary
  2. Members: Top officials from the departments of finance, energy, municipal administration, agriculture and forests.

Mission of SPV includes:

  1. Planning, execution and monitoring of State-wide programme for climate change adaptation & mitigation, wetlands mapping and restoration.
  2. Enhancing forest & tree cover to 33 per cent.
  3. SPV will also create strong policy support for climate change, cutting over all sectors of governance.
  4. It will devise strategies to reduce greenhouse gas emissions and benchmarking the industries for moving towards green manufacturing.
  5. 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.


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