Shloka Nath, Chief Executive Officer of the India Climate Collaborative (ICC), offers an in-depth look at the launch of the HCL ClimaForce Fund, a new initiative designed to bridge the critical gap between promising climate innovations and wide-scale adoption. The fund marks a notable evolution in Indian philanthropy, particularly in the climate mitigation space — an area that has historically received limited domestic funding. Until now, Indian philanthropic capital has largely been directed toward adaptation strategies, focusing on helping communities withstand the impacts of climate change. The HCL ClimaForce Fund, by contrast, shifts the focus to emissions reduction, enabling India to not only respond to climate change but lead on the development and deployment of climate solutions.

At the heart of the initiative is a groundbreaking partnership between ICC and HCL, with visionary leadership from Roshni Nadar Malhotra, Chairperson of HCL Technologies. The fund targets three high-impact sectors: sustainable buildings, cooling, and freight — all of which are major contributors to India’s future emissions profile and simultaneously ripe for innovation. India’s building stock, for instance, is expected to double by 2040, and nearly 70% of the buildings that will exist in 2050 have yet to be constructed. Cooling demand is also set to triple by mid-century, while freight continues to be a critical area of economic and environmental concern. These sectors present a rare window to influence the direction of India’s development — and by extension, its climate trajectory.

The fund is designed to address what is often referred to as the “valley of death” — the stage where early-stage innovations struggle to gain traction due to a lack of commercial viability, limited data on effectiveness, and high perceived risk. By supporting pilot projects, demonstration initiatives, and capacity-building efforts, the HCL ClimaForce Fund provides the early, high-risk capital that most private investors are unwilling to commit. In doing so, it lays the groundwork for private sector investment and accelerates the scaling of climate solutions that are both affordable and suited to India’s socio-economic realities.

What distinguishes this effort is not just its technical sophistication, but its collaborative ethos. The India Climate Collaborative brings together a wide network of stakeholders — from policymakers and research institutions to real estate developers, logistics companies, and civil society actors. Rather than operating in silos, the fund is embedded in a broader ecosystem that understands both the scientific imperatives of climate action and the structural and behavioral shifts needed to enable adoption. It also signals a new model of philanthropy in the Global South: one that is strategic, catalytic, and deeply rooted in local leadership and priorities.

The fund’s structure and strategic focus reflect years of development, trust-building, and alignment between ICC and HCL. According to Nath, success will be measured not only in terms of the specific innovations supported, but in the broader transformation of India’s climate finance ecosystem. By de-risking innovation, creating proof points, and fostering cross-sector collaboration, the HCL ClimaForce Fund has the potential to drive system-level change — not just in India, but across the Global South, where similar barriers to climate innovation persist.

As India races toward 2030, Nath emphasizes the need to integrate climate action into the country’s core development agenda. The ClimaForce Fund is one part of that larger vision: a pathway to scale homegrown, climate-smart solutions that can help define a new model of sustainable development. In her view, leadership today is less about having all the answers and more about enabling others to act — through trust, humility, and a shared commitment to transformative change.

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