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SIDBI to create $1 billion green financing fund with $215 million aid from GCF
Industry News- Jul 27,24
The GCF, an entity established by the United Nations Framework Convention on Climate Change (UNFCCC), approved a $200 million loan and a $15.6 million grant for capacity building to support SIDBI’s initiative.
The Small Industries Development Bank of India (SIDBI) has announced the creation of a $1 billion fund for financing mitigation and adaptation projects (FMAP) for Medium and Small Enterprises (MSMEs). This initiative follows the approval of $215.6 million in funding from the Green Climate Fund (GCF).
The GCF, an entity established by the United Nations Framework Convention on Climate Change (UNFCCC), approved a $200 million loan and a $15.6 million grant for capacity building to support SIDBI’s initiative. SIDBI plans to supplement this with an additional $800 million, sourced from its balance sheet and market-raising efforts.
The FMAP facility aims to provide nearly 10,000 concessional loans to MSMEs for projects such as renewable energy, energy efficiency, energy storage, and e-mobility. This initiative is expected to reduce greenhouse gas emissions by 35.3 million tonnes and significantly enhance water savings and community resilience, benefiting over 10.8 million people.
This announcement comes shortly after the Asian Development Bank approved $240 million for rooftop solar projects in India, routed through the State Bank of India and NABARD.
The GCF, described as the world's largest dedicated climate fund, operates under the UNFCCC’s financial mechanism. It has a portfolio of 270 projects worth $14.9 billion, aiming for transformative climate action across 130 developing countries. The funding for SIDBI is part of a $1 billion approval for 17 projects in 35 developing countries.
(Source: Businessline)
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