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Thursday / July 18. 2024
HomeAgribusinessGCF backs Avaana Capital major investment boost for India’s sustainable future

GCF backs Avaana Capital major investment boost for India’s sustainable future

With a total value of USD 120 million, including a substantial USD 24.5 million investment from GCF, this initiative marks a significant stride towards fostering climate innovation and sustainability in India.

Avaana Capital, known for its thematic strategy and focus on sustainable investments, announced the approval of investment in the “Avaana Climate and Sustainability” by the Green Climate Fund (GCF). With a total value of USD 120 million, including a substantial USD 24.5 million investment from GCF, this initiative marks a significant stride towards fostering climate innovation and sustainability in India. The approval was granted during the 38th Board Meeting of the GCF, held in Kigali, Rwanda, on March 5th, 2024.

“We are delighted to share the news of the Green Climate Fund Board’s approval of Avaana Capital’s Climate and Sustainability Fund,” expressed Anjali Bansal, Managing Founder of Avaana Capital. “This milestone represents the culmination of dedicated efforts, with gratitude extended to the Green Climate Fund team, including Rajeev Mahajan, Ayaka Fujiwara and Donggun Kim, for their unwavering support and guidance throughout this journey. We also acknowledge the leadership of Kavita Sinha and Soji Omisore in making this partnership a reality. This collaboration underscores GCF additionality and our shared commitment to advancing climate action”

Avaana’s collaboration with the GCF highlights the transformative impact of technology and innovation in shaping low-emission and climate-resilient development pathways. “The Green Climate Fund’s investment in India’s first tech-led climate VC underscores the transformative impact that technology and innovation have in carving low-emission and climate-resilient development pathways,” stated Bansal. “It also further highlights the potential that India presents in developing solutions for mitigation and adaptation that are affordable and inclusive, enabling a just transition.”

The GCF, recognized as the world’s largest climate fund, is dedicated to supporting developing countries in developing and implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as Energy Transition, Mobility, Supply Chains, Sustainable Agriculture, and Food Systems.

Avaana extends its gratitude to mission-aligned institutions, including SIDBI’s Green Finance Vertical team, for their invaluable role as the GCF Accredited Entity. The approval of the Avaana Sustainability Fund marks a significant push towards advancing India’s commitment to driving climate innovation and taking action.

“We are grateful for all the support from our partners SIDBI as the Accredited Entity, FCDO, and others,” concluded Bansal.

Kavita Sinha, Director of GCF Private Sector Facility, remarked, “The Green Climate Fund is proud to partner with Avaana Capital, and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund that aims to support commercialization of local, early-stage climate technology ventures. These climate technology ventures will enable India’s transition to a low emission, climate resilient future. This partnership exemplifies our shared commitment to fostering climate resilience and sustainable development in India, especially for those most vulnerable to the impacts of climate change.”

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