Belém, Brazil, November 11, 2025 — The Lightsmith Group (“Lightsmith”), a sustainable private equity firm, in partnership with Conservation International, announced that it secured support from the Global Environment Facility (GEF) and the Norwegian Ministry of Foreign Affairs for the Systemic Capital for Adaptation Localization and Expansion project (“SCALE”). SCALE is the first proposed integrated investment strategy for adaptation and climate resilience – a “virtual green bank for adaptation.”
The SCALE project will develop a new scalable climate investment platform to provide the full range of equity, credit, and technical assistance to private companies whose technology and solutions support adaptation and resilience to climate change.
“SCALE is a strong example of the type of innovation and strategic use of finite public resources urgently needed to catalyze much larger scale private sector investment in climate adaption and resilience of vulnerable populations. The GEF is proud to partner with the Norwegian Ministry of Foreign Affairs and others on this blended finance investment, which has strong potential for growth.”, said Carlos Manuel Rodriguez, CEO and Chairperson of the GEF.
“As international funds for development are shrinking, this initiative represents an important step towards mobilizing private capital in transformative ways. Such efforts will become increasingly important in the years ahead.
Increasing investments in climate adaptation is crucial to strengthen climate resilience and secure sustainable livelihoods in developing countries. To support this effort, Norway is allocating up to NOK 17 million to the SCALE project. Through the integrated SCALE platform, Lightsmith will help overcome key barriers in adaptation finance and close the funding gap by linking private capital to investable solutions.”, said Mr. Åsmund Aukrust, the Norwegian Minister of International Development.
GEF’s and the Norwegian Ministry of Foreign Affair’s commitments were announced during the COP30 global climate talks in Belém. GEF is supporting the SCALE project through its Challenge Program for Adaptation Innovation and finance by the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF). Conservation International serves as the implementing agency for this project with the GEF.
SCALE builds on Lightsmith’s leadership in climate adaptation and resilience investment. Founded in 2016, Lightsmith manages the first private equity fund focused exclusively on climate resilience and adaptation. “The need for smart solutions to adapt to climate change is more clear than ever, but awareness and action in the private sector is just beginning. The SCALE project aims to catalyze much greater awareness and mobilize more private capital into what is one of the most clear and inevitable opportunities for private investors,” said Sanjay Wagle, Managing Director of Lightsmith Group.
SCALE is designed to accelerate investment in and deployment of climate resilience and adaptation solutions, particularly in developing countries, in areas such as precision agriculture, geospatial intelligence, supply chain analytics, risk modeling and risk transfer, water efficiency and smart water management, resilient food systems, health, and biodiversity. Through consultations with investors and experts and mapping of climate resilience-related companies globally, the SCALE project is identifying key financing gaps and developing a robust pipeline of equity and credit investment opportunities for climate resilience and adaptation solutions.
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About Lightsmith Group
The Lightsmith Group is a sustainable private equity firm that invests in companies that address critical societal needs. Lightsmith invests in growth-stage companies providing technology-enabled business services and solutions in the areas of energy, water, food and agriculture, and climate resilience. For more information on The Lightsmith Group, please see: www.lightsmithgp.com. Lightsmith’s two founding partners, Jay Koh and Sanjay Wagle, each have over 25 years of experience in direct investing at the Carlyle Group and VantagePoint Capital Partners as well as at the U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), U.S. Department of Energy, and New York Green Bank. Lightsmith’s global investment team draws from experience at Goldman Sachs, True North Partners, Baring Private Equity Asia, IFC, and the DFC.
Media Contact
Sanjay J. Wagle, Managing Director, The Lightsmith Group
sanjay.wagle@lightsmithgp.com
About the Global Environment Facility
The Global Environment Facility (GEF) is a multilateral family of funds dedicated to confronting biodiversity loss, climate change, and pollution, and supporting land and ocean health. Its financing enables developing countries to address complex challenges and work towards international environmental goals. The partnership includes 186 member governments as well as civil society, Indigenous Peoples, women, and youth, with a focus on integration and inclusivity. Over the past three decades, the GEF has provided more than $25 billion in financing and mobilized $145 billion for country-driven priority projects. The family of funds includes the Global Environment Facility Trust Fund, Global Biodiversity Framework Fund (GBFF), Least Developed Countries Fund (LDCF), Special Climate Change Fund (SCCF), Nagoya Protocol Implementation Fund (NPIF), and Capacity-building Initiative for Transparency Trust Fund (CBIT).
About the Norwegian Ministry of Foreign Affairs
The Norwegian Ministry of Foreign Affairs (MFA) works for Norway’s interests internationally: to safeguard the country’s freedom, security and prosperity. The MFA works to promote peace and security, an international legal system, an economically just world order and sustainable development. The MFA manages Norway’s extensive diplomatic network and coordinates foreign policy to ensure a consistent, impactful global engagement. Critical to this work, the Norwegian Agency for Development Cooperation (Norad) is an administrative and specialist body for development cooperation and supports the MFA and the Ministry of Climate and the Environment in achieving the goals of Norwegian development policy and promoting sustainable development by providing technical expertise and managing grant funding.
About Conservation International
Conservation International protects nature for the benefit of humanity. Through science, policy, fieldwork and finance, we spotlight and secure the most important places in nature for the climate, for biodiversity and for people. With offices in 30 countries and projects in more than 100 countries, Conservation International partners with governments, companies, civil society, Indigenous peoples and local communities to help people and nature thrive together. Visit Conservation.org for more, and follow us on Conservation News, Facebook, Twitter, TikTok, Instagram.
