SIDBI secures first green climate fund for Avaana Sustainability Fund project

Recently, SIDBI said that it has secured approval from the Green Climate Fund (GCF) for its first anchored project, Avaana Sustainability Fund (ASF), valued at USD 120 million.

  • The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in the country.
  • The anticipated outcomes include significant contributions to climate change mitigation, adaptation, and the enhancement of resilience in vulnerable sectors of the economy.
  • The Green Climate Fund (GCF) is a critical element of the historic Paris Agreement. It is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.
  • A core GCF principle is to follow a country-driven approach, which means that developing countries lead GCF programming and implementation.
  • GCF is mandated to invest 50% of its resources to mitigation and 50% to adaptation in grant equivalent.
  • At least half of its adaptation resources must be invested in the most climate vulnerable countries (SIDS, LDCs, and African States).

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *