The Global Environment Facility (GEF) has announced its support for a first of its kind climate resilience investment fund today at the
The fund, an initiative developed by US-based investment firm
Announcing the GEF's contribution of
"Our role as a public institution is to share the risks," she said. "I hope the new equity fund, the first of its kind for the GEF, can serve as an example of how to get more private sector capital into the resilience space."
CRAFT will invest in companies that provide either "resilience intelligence", such as data analytics, modeling, and forecasting, or "resilience solutions" including products and services that address climate risks in areas like water, agriculture and energy.
Envisaged areas for investment range from climate-smart supply chain analytics software and drought-tolerant tree crops to coastal protection and disaster recovery.
In a press statement, NDF said it will support the
"Given their leadership in climate finance, GEF and NDF are ideal partners for this effort to launch the first private sector climate adaptation and resilience investment strategy," said
"Many of the most cost-effective solutions for building resilience to the impacts of climate change come from nature itself.
The new SCCF project, also endorsed by the
CRAFT could mobilize as much as
Helping the most vulnerable countries adapt
The SCCF is a fund open to all vulnerable developing countries, and supports a wide range of activities related to climate change. It funds, in addition to adaptation, technology transfer, mitigation in selected sectors including: energy, transport, industry, agriculture, forestry and waste management; and economic diversification.
The SCCF complements the
At the opening of the
For more information on GEF support to adaptation, please see the new publication prepared for
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