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Small and Medium Enterprises Development Bank of India (SIDBI) has announced its Green Climate Fund (GCF) contribution to Avaana Sustainability Fund (ASF), the first green climate project to invest USD 120 million in companies focused on climate change. Announced approval.
GCF, the world's largest climate change fund headquartered in South Korea, contributed $24.5 million to the investment.
The primary objective of the ASF initiative is to provide capital to early-stage companies that are leveraging technology-driven innovation to drive climate solutions and sustainability in India. This includes mitigating the effects of climate change, adapting to climate change, and strengthening the resilience of vulnerable sectors of the Indian economy.
The Green Climate Fund's mission is to help developing countries raise and realize their NDC targets. Through the use of flexible financing options, climate investment expertise, and a partnership-led approach, GCF accelerates innovative climate action.
The fund's investment strategy focuses on four key transitions using four key methodologies. energy industry. Human safety, livelihood, and welfare. and land use – forests and ecosystems.
Under the new project, SIDBI will work with key stakeholders and ministries, including the Department of Financial Services, Ministry of Finance. SIDBI said it is 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.
SIDBI claims to be actively supporting the National Action Plan on Climate Change and championing responsible business practices such as sustainable financing and energy efficiency initiatives in the MSME sector.
SIDBI said in a statement that several additional projects are underway and SIDBI is committed to advancing India's Nationally Determined Contribution (NDC) and delivering real global change through proficiency in green and climate finance. He said he was determined.
