With a total value of $120 million, this initiative marks a significant stride towards fostering climate innovation and sustainability.
Avaana Capital, a climate-tech venture capital fund, has announced the approval of investment in "Avaana Climate and Sustainability" by the Green Climate Fund (GCF). The approval was granted during the 38th Board Meeting of the GCF, held in Kigali, Rwanda, on March 5th, 2024.
With a total value of $120 million, including a substantial $24.5 million investment from GCF, this initiative marks a significant stride towards fostering climate innovation and sustainability in India, according to the company statement.
“Avaana's collaboration with the GCF highlights the transformative impact of technology and innovation in shaping 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,” he added.
The GCF, recognised 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.
Kavita Sinha, Director of GCF Private Sector Facility, remarked, "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."
Avaana works across four ecosystems: digital innovation, industry linkages, policy and academia, and catalytic capital. The fund follows a proactive thesis-led sourcing approach for tracking high-quality entrepreneurs and follow-on investments in portfolio companies, facilitating their journey to scale, according to the company statement.