TN: SPV to manage Nature conservation missions

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.

Key Points

• 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-

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

Mission of SPV

Mission of SPV comprise of:

1. Planning, execution and monitoring of several programme in the state on climate change adaptation & mitigation.
2. Wetlands mapping & restoration.
3. Enhancing forest & tree cover to 33 per cent.
4. SPV will also create strong policy support for climate change, cutting over all sectors of governance.
5. It will formulate strategies to reduce greenhouse gas emissions and benchmarking the industries for moving towards green manufacturing.
6. 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.

Month: Current Affairs - November, 2021