| Project Detail |
Climate change has and will continue to wreak wide-ranging damage on the environment and economy globally. Up to USD 300 billion per year has been estimated for climate adaptation in developing countries by 2030, yet adaptation receives only 5% of all climate finance – and less than USD 500 million of private investment. As the first private sector investment fund for adaptation, CRAFT mobilizes capital to scale up technologies for climate resilience and adaptation and applies them in developing countries using a south-south technology transfer mechanism.
GCF’s commitment of up to USD 100 million in catalytic capital to CRAFT will allow the programme to scale up adaptation finance and accelerate development, application and transfer of private sector technologies in climate adaptation and resilience, particularly in the context of promoting green recovery from COVID-19. Implemented with Pegasus Capital Advisors, the programme supports investment in six technologies (agricultural analytics, water harvesting and irrigation, food systems, geospatial mapping and imaging, catastrophe risk modeling, supply chain analytics) in six countries in Africa, Latin America and the Caribbean. |
