India Secures $782.4 Million In Green Climate Fund For Climate Mitigation And Adaptation Projects

The Government of India has successfully engaged with the Green Climate Fund (GCF) to secure funding for eleven critical climate-related projects and programs. This collaboration, under the United Nations Framework Convention on Climate Change (UNFCCC), has resulted in an allocation of USD 782.4 million aimed at mitigating and adapting to climate change across various sectors.

The GCF, established at the 16th Conference of the Parties (COP-16) in 2010, supports developing countries in reducing greenhouse gas emissions and enhancing their capacity to adapt to climate change. Since 2015, the GCF has been approving projects and programs for developing countries, providing resources in the form of grants, loans, equity, and guarantees.

India’s approved projects span multiple sectors including water, clean energy, coastal resilience, livelihoods, transportation, medium and small enterprises, and climate startups. Below are the details of the approved projects and their respective funding:

1. Ground Water Recharge and Solar Micro Irrigation to Ensure Food Security and Enhance Resilience in Vulnerable Tribal Areas of Odisha (2017) – USD 34.357 million (Grant)
2. Line of Credit for Solar Rooftop Segment for Commercial, Industrial, and Residential Housing (2018) – USD 100 million (Concessional Loan)
3. Enhancing Climate Resilience of India’s Coastal Communities (2018) – USD 43.418 million (Grant)
4. Green Growth Equity Fund (GGEF) (2021) – USD 137 million (132.5 Equity, 4.5 Grant)
5. India E-Mobility Financing Program (2022) – USD 200 million (Equity)
6. Climate Investor Two (2022) – USD 145 million (multi-country) (Grant)
7. Green Guarantee Company (“GGC”) (2022) – USD 40.5 million (multi-country) (Equity)
8. Climate Investor One (2022) – USD 100 million (multi-country) (Grant)
9. Project GAIA (“GAIA”) (2023) – USD 152.5 million (multi-country) (Equity)
10. Avaana Sustainability Fund (2024) – USD 24.5 million (Equity)
11. Financing Mitigation and Adaptation Projects (FMAP) in Indian MSMEs (2024) – USD 215.6 million (200 Concessional Loan, 15.6 Grant)

This strategic engagement with the GCF underscores India’s commitment to combating climate change and underscores the nation’s proactive steps towards sustainable development. These projects are expected to drive significant advancements in climate resilience and low-emission development, fostering a sustainable future for India.

This information was provided by Shri Kirti Vardhan Singh, Minister of State for Environment, Forest and Climate Change, in a written reply to the Rajya Sabha.