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.
Green Climate Fund (GCF)
- 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).
