Lab instrument CRAFT is one of the 13 new projects for mitigation and adaptation action selected by the Green Climate Fund (GCF) and has secured USD 100 million. From the original announcement:
“GCF’s commitment of 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.”
CRAFT is the first commercial investment vehicle to focus on expanding the availability of technologies and solutions for climate adaptation and resilience. It was developed by The Lightsmith Group under the 2017 Lab cycle. Implemented with Pegasus Capital Advisors, GCF contribution will allow CRAFT to support investment in six technologies (agricultural analytics, water harvesting and irrigation, food systems, geospatial mapping and imaging, catastrophe risk modeling, supply chain analytics) in Africa (Rwanda and South Africa), Latin America (Brazil and Mexico) and the Caribbean (Bahamas and Trinidad and Tobago).