The UK’s development finance institution and impact investor, British International Investment (BII), has committed $25 million to the first closing of the GEF South Asia Growth Fund III (GEF SAGF III). The Fund will primarily target investments in India and some regions of southeast Asia in firms and projects that support the shift to a low-carbon and resource-efficient economy. The fund employs a unique and impactful climate finance approach by investing in three key areas (adaptation, mitigation, and circular economy) crucial for facilitating India’s shift towards an environmentally friendly and resilient economy.
The fund will be able to access a variety of industries with the help of BII’s investment, encompassing the value chain for clean energy, energy efficiency, solutions for food and water security, low-carbon transition, waste recovery, transportation, and smart city technologies. GEF SAGF III succeeds its predecessor, GEF SAGF II, to which BII also contributed $25 million.
The fund will aid in achieving the objective of promoting sustainable practices, with a focus on clean energy, optimising resource utilisation, and implementing innovative environmental solutions.
