8 NOVEMBER2024The UK has announced a package of measures boosting intra-Commonwealth trade and investment, including the establishment of a hub in India to support female-led businesses. The initiative implemented is a part of a broader Commonwealth drive to increase shared prosperity among its 56 member countries, many of which are the world's fastest-growing economies.The UK plans to fund a network to boost investment in small, climate-vulnerable Commonwealth countries, including India, focusing on technology, fashion, food and beverages, and jewelry. The initiative also aims to increase military and economic presence in the Indo-Pacific to support regional stability. Prime Minister Keir Starmer and Foreign Secretary David Lammy unveiled these measures during the Commonwealth Heads of Government Meeting (CHOGM), in Samoa.The package of measures aimed at empowering young people, supporting democratic governance, human rights, the rule of law, and protecting vulnerable countries from climate change impacts. The measures include additional funding for trade advisors, tax advisor training, renewable energy opportunities, and promoting food security and economic growth in the Caribbean. The UK also supports the Commonwealth's work to support democratic governance and the rule of law, including election monitoring missions. Additionally, Commonwealth leaders agreed to hold inclusive conversations about reparations for the slave trade, stating that the time had come for such discussions. Avaana Capital, a prominent climate-focused venture capital Indian firm, has closed its Avaana Climate and Sustainability Fund at $135 million. The fund focuses on early-stage startups developing technology for climate mitigation, adaptation, and resilience. It majorly targets sectors that are responsible for 90 per cent of carbon emissions including, energy and resource management, mobility and supply chains, and sustainable agriculture and food systems.The fund has received support from various institutional investors, including the Green Climate Fund (GCF), the US International Development Finance Corporation (DFC), the UK Government's UK-India Development Cooperation Fund (UKIDCF), Self Reliant India (SRI) Fund, Small Industries Development Bank of India (SIDBI), Azim Premji Trust, and large corporations.Partner at Avaana Capital, Anjali Bansal highlighted the importance of innovation to bring climate actions with a better impact on the environment. She said, "The support from leading global and domestic institutional investors underscores the importance of innovation in driving climate action and delivering long-term impact. The Avaana Climate and Sustainability Fund will help build the next generation of climate-first companies to make meaningful progress toward a sustainable future." Avaana Capital plans to invest in 20-25 early-stage startups, with an initial investment range of Rs 10-30 crore per company. IN FOCUSUK ANNOUNCES ESTABLISHMENT OF HUB IN INDIA SUPPORTING WOMEN-LED BUSINESSESAVAANA CLIMATE AND SUSTAINABILITY FUND CLOSES AT $135 MILLION
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