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Small and Medium Enterprises Development Bank of India (SIDBI) has approved GCF's first core project 'Avaana Sustainability Fund (ASF)'. The project will be worth $120 million, including his $24.5 million GCF investment.
This achievement was realized at the GCF's 38th Board Meeting held on March 5, 2024 in Kigali, Rwanda. The main objective of the ASF project is to leverage technology-driven innovation to accelerate climate change solutions and improve India's sustainability. Expected outcomes include significant contributions to climate change mitigation, adaptation and strengthening the resilience of vulnerable sectors of the Indian economy.
This project marks the first successful project supported by SIDBI, including the first project secured for India by an Indian Accreditation Authority (AE) in the past few years. With several additional projects underway, SIDBI remains resolutely committed to advancing India's Nationally Determined Contribution (NDC) and delivering real global change through its green and climate finance expertise. Masu.
A key element of the historic Paris Agreement, the Green Climate Fund is the world's largest climate fund. With a mission to help developing countries raise and realize their NDC targets, GCF fosters transformative climate action through a partnership-led approach, flexible financing solutions and the deployment of climate investment expertise. I am. The fund's investment strategy targets his four key transitions: Energy industry; human security, livelihoods and welfare. Land use using four main approaches – forests and ecosystems;
Designated as an AE and Direct Access Entity (DAE) under the GCF, SIDBI is accessing climate finance to implement low-carbon and climate-resilient projects in India. SIDBI will take over the responsibility of the DAE under the guidance of the Ministry of Environment, Forest and Climate Change (MoEFCC), which is the Nationally Designated Authority (NDA) for the GCF in India.
SIDBI also engages with key stakeholders and departments, including its parent department, the Department of Financial Services. SIDBI remains committed to promoting and financing the development of Micro, Small and Medium Enterprises (MSMEs), with the ability to anchor proposals from other entities and submit proposals of its own.
