The fund will look at accelerating over 20 solutions across cooling, buildings and freight mobility-sectors of the country.
With an aim to support India’s transition to a greener future and a low-carbon economy, the HCL Group on Wednesday launched an Rs 25 crore philanthropic initiative with a focus on accelerating market-ready climate innovations. The HCL ClimaForce Fund, in collaboration with the India Climate Collaborative (ICC) will look at strengthening over 20 solutions across cooling, buildings and freight mobility-sectors of the country.
Addressing the media at the launch of the fund, Roshni Nadar Malhotra, Chairperson at HCL Group said, “Sectors like heating, buildings, freight are essential for everybody's life and economic progress and are also expected to see a steep rise in emissions. These aren't distant projections, they are around the corner.”
Through this fund, high-potential solutions at the TRL-7 and above stage and that are currently market ready will be supported. Additionally, it will also foster collaboration between innovators and industries such as businesses-whose operational needs align with the Fund's focus on reducing emissions in the specific sectors.
According to the India Cooling Action Plan, cooling demand in the country is expected to rise eightfold by 2037-38, driven by increasing temperatures and improved living standards. Simultaneously, India's built environment is projected to more than double by 2040, raising concerns around carbon-intensive construction and energy use. In the logistics sector, freight emissions could rise by over 450% by 2050, with road freight accounting for 95% of CO2 emissions in 2020.
The fund will thereby first begin with its focus on buildings and cooling and then evolve and expand their focus on freight mobility. Talking about the Fund’s focus sectors, the HCL Chair said, “From consumer ecosystem to commercial ecosystem to food storage, cooling is extremely essential in a warming world,”
Further explaining their focus on buildings and construction sector, she specified that the infrastructure we create now will either lock us into high emissions or open the door to more sustainable living. “And freight will be the third area that we want to focus on starting in 2027,” she added.
The Fund stands as a launch pad, which will provide not just financial support but also mentorship, recognition and network. To industry partners, it will support early access to new technologies that can support their sustainability goals and de-risk their path to adoption. Besides that, investors are invited to work with the initiative and create a pipeline of proven and scalable solutions. “We will also gain a lot of lessons from this that we can share with policy makers and research institutions that can then help generate data-based frameworks and build trust in these new technologies,” the company’s chair mentioned.
The pilot collaborations that will be offered by the fund will serve as practical test cases, ensuring that these solutions are optimized for scalable industry adoption. By facilitating innovation in a commercial setting, the fund is expected to ensure selected innovations piloted with industry partners and backed by expert technical support.
Further talking about the ongoing global uncertainties amidst the tariff discussions, the HCL chairperson said that the group remains cautious as well optimistic in this situation.
Speaking about the same, she mentioned that the Group works across industries that could have an impact due to the tariffs, especially in the largest market, the US. "In such a situation, the only way industries can counter these tariff pressures and the increase in inflation or costs is by optimisation, where technology can help,” she added.