An introduction to the HCL ClimaForce Fund

In collaboration with the ICC, HCL Group has launched the HCL ClimaForce Fund to take 20+ market-ready innovations to scale in the cooling, buildings, and freight mobility sectors.

The need for action  

The launch of the HCL ClimaForce Fund comes at a defining moment in India’s growth story. Demand for cooling is expected to increase eightfold by 2037–38, driven by rising temperatures and higher living standards, according to the India Cooling Action Plan. At the same time, the country’s built environment is transforming, with building space projected to more than double by 2040. In the logistics sector, freight emissions are projected to grow by over 450 percent by 2050 if left unchecked.  

These numbers point to a clear need for low-carbon alternatives to ensure an improved quality of life for India’s citizens without increasing their climate risks. While several innovative solutions exist, they face barriers to scale, including limited awareness in the market, high perceived risks, and strong biases towards conventional solutions. Low-carbon innovation needs to be nurtured and accelerated – by strategically plugging gaps in the ecosystem and reducing risks for private funding to flow in.

About the HCL ClimaForce Fund 

The HCL ClimaForce Fund is a pioneering initiative, designed to take low-carbon innovations to scale at an accelerated pace. It takes a holistic approach, using grant capital to bring together diverse stakeholders, plug critical gaps in the ecosystem, and address financial and operational risks associated with new solutions. The Fund’s network of expert advisors and jury members curate impactful, market-ready innovations to connect them with industry partners and facilitate real-world pilots. These pilots are supported by grant capital and technical support to encourage industry partners to test new innovations. Results from these innovations, verified by third-party monitoring and evaluation, generates credibility in the market – which can then be amplified through strategic visibility with investors and industry.

Philanthropic capital: Catalytic and compassionate 

One of the most unique features of grant capital is its ability to take risks – and by absorbing those risks, it can be a catalyst for private funding to come in. In this way, it can accelerate the success of innovations that may otherwise not get the investment they need – by generating evidence of their potential. Yet at its core, the initiative stays true to philanthropic goals of improving the lives and livelihoods of millions of people, by ensuring that better housing and living conditions, and access to cooling on a warming planet, become available to India’s citizens without exposing them to further climate risks.

As Roshni Nadar Malhotra, Chairperson of HCL Group, says, “The HCL ClimaForce Fund marks the beginning of HCL’s long-term commitment to climate leadership—anchored in innovation, scale, and decisive action. With this initiative, we are investing in innovators who are creating real solutions for India’s low-carbon future. This is our first dedicated climate initiative, and we intend to make it count—through meaningful partnerships and measurable impact.”

Shloka Nath, CEO of India Climate Collaborative, says, “We are at a critical juncture where innovation must meet urgency. The HCL ClimaForce Fund is a bold step toward accelerating solutions that can help India grow while staying within planetary boundaries. At the India Climate Collaborative, we believe in the power of partnerships to unlock scale—and this collaboration with HCL Group is about translating climate ambition into real-world impact.” 

Read the press coverage about the initiative here, and for more information about the HCL ClimaForce Fund, visit our website.