Mumbai: Vikas Bank SIDBI said on Monday that it had received approval Green Climate Fund (GCF) for its first anchor Project, Awana Sustainability Fund (ASF), valued at $120 million. The closing was announced at the 38th Board Meeting of the GCF, which will infuse $24.5 million into the fund, on March 5 in Kigali, Rwanda, SIDBI, an accredited entity of the GCF, said in a statement.
The primary objective of the ASF project is to invest in early stage companies technology based innovation Promoting climate solutions and sustainability in the country. Anticipated outcomes include significant contributions to climate change mitigation, adaptation and enhancing resilience in vulnerable sectors of the economy.
SIDBI said that this is the first project undertaken by SIDBI, including the first secured project for the country in the last few years and it will help the country at the national level by influencing significant global changes through its efficiency in green and climate finance. But it will go a long way in furthering the determined contribution. The Green Climate Fund is a key component of the landmark Paris Agreement and is also the world’s largest climate fund.
Charged with helping developing countries scale up and realize their Nationally Determined Contribution (NDC) ambitions, the GCF accelerates transformative climate action by deploying partnership-driven approaches and climate and climate flexible financing solutions. Investment Specialization.
The fund’s investment strategy targets four key transformations – the built environment; Energy Industry; Human security, livelihoods, well-being; and land use—forest and ecosystem, employing four major approaches.
SIDBI, designated as AE and Direct Access Entity (DAE) with GCF, is accessing climate finance to implement low-carbon and climate-resilient projects and will work under the guidance of the Union Ministry of Environment, Forest and Climate Change. .
The Bank will also liaise with key stakeholders and ministries, including the Department of Financial Services.
The primary objective of the ASF project is to invest in early stage companies technology based innovation Promoting climate solutions and sustainability in the country. Anticipated outcomes include significant contributions to climate change mitigation, adaptation and enhancing resilience in vulnerable sectors of the economy.
SIDBI said that this is the first project undertaken by SIDBI, including the first secured project for the country in the last few years and it will help the country at the national level by influencing significant global changes through its efficiency in green and climate finance. But it will go a long way in furthering the determined contribution. The Green Climate Fund is a key component of the landmark Paris Agreement and is also the world’s largest climate fund.
Charged with helping developing countries scale up and realize their Nationally Determined Contribution (NDC) ambitions, the GCF accelerates transformative climate action by deploying partnership-driven approaches and climate and climate flexible financing solutions. Investment Specialization.
The fund’s investment strategy targets four key transformations – the built environment; Energy Industry; Human security, livelihoods, well-being; and land use—forest and ecosystem, employing four major approaches.
SIDBI, designated as AE and Direct Access Entity (DAE) with GCF, is accessing climate finance to implement low-carbon and climate-resilient projects and will work under the guidance of the Union Ministry of Environment, Forest and Climate Change. .
The Bank will also liaise with key stakeholders and ministries, including the Department of Financial Services.
(TagstoTranslate)Technology-Based Innovation(T)SIDBI(T)Project(T)Investment(T)Green Climate Fund(T)Awana Sustainability Fund