EKI Launches Rs 1,000 Cr Climate Impact Fund
Carbon Credit developer EKI Energy Services (EKI) on Tuesday said that it will invest up to Rs 200 crore as part of an Rs 1000 crore (USD 125 million) climate impact fund that it has launched in partnership with Impact Capital Asset Management (ICAM), a Singapore-based Fund Management company.
The Rs 1000 crore (USD 125 million) fund is India’s first ever climate impact fund.
EKI will invest up to Rs 200 crore in a phased manner in this fund with an aim to empower GHG Mitigation projects across the country and internationally, a company statement said.
The Fund will specifically focus on high impact community development projects such as clean cooking through large scale deployment of energy efficient improved cook stoves (ICS), access to clean drinking water through water filtration systems and energy-saving lighting solutions like LED Bulbs and waste management amongst others, to meet its objectives of improving lives while also greening the planet.
"The world is fast striding towards a net-zero future. We, as climate warriors want to empower this journey with focused investments in climate projects globally. We also want to strengthen our focus on community development. We are delighted to take a significant and concrete step forward toward ensuring increased climate mitigation in India and other parts of the world. We promise to continue developing projects that address larger community issues while also enabling nature restoration," said Manish Dabkara, Chairman & MD, EKI Energy Services
The company said the projects would generate high quality carbon credits for its investors by delivering significant emission reductions, which, the investors can use to offset their own carbon emissions subject to the local law or earn monetary benefits by selling the carbon credits in different carbon markets like CORSIA, domestic emission trading scheme, Article 6.2 / Article 6.4 of Paris Agreement, international voluntary markets subjected to relevant host country approvals. Geographically, the projects will be deployed across remote locations in India and select countries in Africa, Asia and LATAM.
“Focussed on the Planet, its People and Profit (for investors and stakeholders), at ICAM, we are delighted to be partnering with EKI Energy Services., the leading player globally in the Climate Change/Carbon Offset development space. We look forward to collectively doing our bit to address the challenges of Climate Change by leveraging on our experience to accelerate investments into high impact GHG mitigation and community upliftment projects and initiatives while delivering superior and sustainable risk adjusted returns for our investors," said Deepak Mawandia, Founder and CEO, ICAM.
