Avaana Capital, a venture capital firm with focus on sustainable investments, announced this week that the Green Climate Fund (GCF) has approved a substantial $24.5 million investment in its Climate and Sustainability fund.
Avaana Climate and Sustainability Fund, with a total value of $120 million (including $24.5 million investment from GCF), aims to foster climate innovation and sustainability in India.
“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,” said Anjali Bansal, managing founder of Avaana Capital. “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, supports 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.
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-emissions, 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.”
Avaana Climate and Sustainability Fund, India’s first and largest climate-tech venture capital fund, invests in future market leaders at the early-stage, leveraging technology-led innovation to build and scale solutions for climate and sustainability while delivering exponential returns. It invests in areas of energy and resource management, mobility and supply chains, and sustainable agriculture and food systems.
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