Small Industries Development Bank of India (SIDBI) Secures Green Climate Fund Project

Green Climate Fund Project (GCF): Recently the Small Industries Development Bank of India (SIDBI) made a significant milestone when they were able to secure their Green Climate Fund Project (GCF) for their first anchored project, the Avaana Sustainability Fund (ASF), valued at USD 120 million. It was post-announced after the 38th board meeting of the GCF in Kigali, Rwanda, on March 5, 2024, in the city of Kigali, Rwanda, on March 5, 2024. This project aims to invest in early-stage companies that invest in environmentally-friendly projects of future uses.

What is the Small Industries Development Bank of India (SIDBI)?

The Small Industries Development Bank of India (SIDBI) is a financial institution of the Government of India which is set up under an act of the Indian Parliament in 1990, which comes under the jurisdiction of the Ministry of Finance. It was set up on 2nd April 1990 and from there it has acted as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector.

What is the Green Climate Fund Project?

The Green Climate Fund which is one of the key components of the historic Paris Agreement (signed in the year of  2015 United Nations Climate Change Conference near Paris, France), is the world’s largest climate fund. The GCF is mandated to assist developing countries particularly Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States. in raising and realizing their sustainable goals promised in 2005 Submit at the 50:50 balance where its aims and ambitions are to lead transformative climate action in future of the world. Within this agreement, the SIDBI has been designated as an Accredited Entity (AE) and Direct Access Entity (DAE), where SIDBI is entrusted with implementing low-carbon and climate-resilient projects in India under the guidance of the Ministry of Environment, Forests and Climate Change (MoEFC

GCF’s Investment Strategy

The GCF’s investment strategy targets four significant transitions:

• Built Environment
• Energy Industry
• Human Security, Livelihood, and Wellbeing
• Land Use-forests and Ecosystems

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