By Faridat Salifu
Small Industries Development Bank of India (Sidbi) has successfully secured approval from the Green Climate Fund for its pioneering Avaana Sustainability Fund project valued at $120 million.
The ASF project focuses on investing in early-stage companies utilizing cutting-edge technology to drive climate-friendly innovations.
This was confirmed at the 38th board meeting of the GCF in Kigali, Rwanda, recently.
It was gathered that the GCF has agreed to invest $24.5 million into the fund, marking a positive step towards promoting climate solutions and sustainability in the nation.
The ASF goals include making substantial contributions to climate change mitigation, adaptation, and enhancing resilience in vulnerable sectors of the economy.
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This groundbreaking initiative by Sidbi showcases its commitment to advancing the country’s nationally determined contributions by spearheading crucial global changes through its expertise in green and climate finance.
The Green Climate Fund, known as the world’s largest climate fund, is a crucial player in the implementation of the historic Paris Agreement.
As an accredited entity of the GCF, Sidbi aims to support developing countries in achieving their environmentally conscious goals.
With a partnership-driven approach and flexible financing solutions, the GCF accelerates transformative climate action in key areas such as the built environment, energy industry, human security and livelihoods, as well as land use and ecosystems.
Sidbi’s role as a direct access entity will enable it to access climate finance for implementing projects that are low-carbon and climate-resilient.
Working closely with the Union Ministry of Environment, Forests, and Climate Change, Sidbi will collaborate with key stakeholders including the Department of Financial Services to ensure the successful execution of the Avaana Sustainability Fund project.
