EKI Energy Launches Rs 1,000 Cr Climate Impact Fund Jointly with ICAM, Singapore

Carbon credits developer and supplier EKI Energy Services Ltd (EKI) has partnered with Impact Capital Asset Management Pte. Ltd. (ICAM), a Monetary Authority of Singapore licensed Fund Management Company, to launch the first-of-its-kind Rs 1,000 crore (USD 125 million) Climate Impact Fund to develop GHG Mitigation Projects.
 
EKI said that it will invest up to Rs 200 crore (USD 25 million) as an anchor investor in the Fund (in a phased manner) with a deep focus on community development across remote locations in India and select countries in Africa, Asia and LATAM.
 
This is India’s first-ever climate impact fund, it added.
 
The Fund would be managed by ICAM while EKI would be the anchor investor and exclusive project implementation partner. The Fund would focus on the development of projects that enable significant GHG Mitigation along with the upliftment of rural communities with a significant focus on SDG parameters.
 
Also, the initiative sought to mobilize resources internationally to promote & finance GHG Mitigation projects globally.
 
The Fund would 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.
 
Commenting on the fund launch, Manish Dabkara, Chairman & MD of EKI Energy Services Ltd said, “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”.
 
This initiative will enhance EKI’s global reach and strengthen its network of global clientele. 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 would 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 Ltd., 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 & CEO – ICAM.
 
Meanwhile, EKI also become the first ever company to list a Plastic Project from India with Verra - a global accreditation standard located in Washington, USA. The company will soon become the first ever to generate International Plastic Credits for collecting and recycling plastic waste in the country through the project.