SAP037
Avaana Sustainability Fund
Avaana Sustainability Fund
India, with one-sixth of the world's population, sees 17 out of every 20 people vulnerable to climate risks, with five living in areas extremely vulnerable to climate change. The country's dependence on rain-fed agriculture, long coastline, and low social safety nets contribute to its high vulnerability. India's carbon dioxide emissions have been increasing, with a projected doubling by 2030 in line with economic growth. To boost its economy while reducing emissions and increasing resilience, India urgently requires a platform dedicated to climate technology. This platform should frequently test innovative climate technologies and business models, scaling them to demonstrate viable and affordable solutions that serve the most vulnerable communities. However, the ecosystem for climate technology ventures in India is still nascent.
The Avaana Sustainability Fund (ASF) is a USD 120 million venture capital fund that aims to invest in early-stage climate technology companies in India. The fund focuses on supporting the transition to low-carbon and climate-resilient development pathways by investing in innovative technologies across key sectors such as sustainable resource management, mobility and supply chains, and sustainable agriculture and food systems. ASF's strategies include investing in low-carbon and climate-resilient businesses, adding value for climate and sustainability leaders, establishing a virtuous cycle of sourcing and value addition for the larger ecosystem, and focusing on social, economic, and environmental impact with tailored investment strategies across various sectors.
Project timeline
Pipeline
28 Feb 2023 - 373 days
Concept note received
28 Feb 2023
Funding proposal received
27 Oct 2023
Cleared by GCF Secretariat
21 Dec 2023
Cleared by iTAP
12 Feb 2024
Approved
06 Mar 2024 - 280 days so far
Approved by GCF Board
06 Mar 2024
FAA executed
30 Aug 2024
Under implementation
To be completed
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
Instrument | Amount |
---|---|
Equity | USD 24,500,000 |
Total GCF Financing |
---|
USD 24,500,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Equity | USD 40,000,000 |
Co-Financing | Equity | USD 55,500,000 |
Total Co-Financing |
---|
USD 95,500,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
Small Industries Development Bank of India
General Manager
SIDBI, Green Climate Finance Vertical, 12th Floor, Atmaram House, Tolstoy Marg, New Delhi - 110001, New Delhi, India
Deputy General Manager
SIDBI, Green Climate Finance Vertical, 12th Floor, Atmaram House, Tolstoy Marg, New Delhi - 110001, New Delhi, India
More contacts
National Designated Authority
Ministry of Environment, Forests and Climate Change
Economic Advisor
Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi-110003, New Delhi, India
Documents
Title | Type | Date |
---|---|---|
Avaana Sustainability Fund | Approved funding proposal | 04 Apr 2024 |
Gender assessment for SAP037: Avaana Sustainability Fund | Gender assessment | 07 Mar 2024 |
Gender action plan for SAP037: Avaana Sustainability Fund | Gender action plan | 07 Mar 2024 |