12 March 2024 –The Green Climate Fund (GCF) has awarded $24.5 million to the Small Industries Development Bank of India (Sidbi) for its first anchoring project, the $120 million Avaana Sustainability Fund (ASF). The biggest climate fund in the world, GCF is a crucial part of the historic Paris Agreement. At its 38th board meeting in Rwanda on March 5, GCF committed the funding and accepted Sidbi’s idea.
The principal objective of the ASF initiative is to provide funding to nascent enterprises that are using technology-driven innovation to promote sustainability and climate solutions in India. According to a letter from Sidbi, notable advancements in resilience building and mitigation of the effects of climate change are among the anticipated results.
The progress signified the accomplishment of Sidbi’s first endeavour. “With several additional projects in the pipeline, Sidbi is steadfast in its commitment to advancing India’s Nationally Determined Contributions (NDCs) and effecting substantial global change through its proficiency in Green and Climate Finance,” the development bank said.
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The GCF’s goal is to support developing nations in elevating and achieving their NDC goals by using a partnership-driven strategy, adaptable finance options, and knowledge of climate investment. The built environment, the energy sector, human security, livelihood, and well-being, and land use—forests and ecosystems—are the four key transitions that the fund’s investment strategy focuses on.
