Investor network seeks powerful, actionable ideas to drive finance for a low-carbon, climate-resilient economy
September 19, 2016
Submit ideas at http://www.ClimateFinanceIdeas.org
New York, September 19, 2016—Today, in the margins of Climate Week, a network of investors, governments, businesses, and foundations launched a call for ideas to accelerate finance for climate mitigation and adaptation.
“Nations and businesses have put forward strong targets for climate action, but implementation is still a challenge, particularly when it comes to investment,” said Dr. Barbara Buchner, Executive Director, Climate Finance of Climate Policy Initiative. “By identifying and fast-tracking ideas that can drive investment into key sectors like energy efficiency, sustainable transport, and climate resilience, we can move quickly toward the action needed, pushing the needle toward a more sustainable, climate-resilient economy.”
The call for ideas is a joint effort between the Global Innovation Lab for Climate Finance, the Fire Awards, and the India Innovation Lab for Green Finance. These three initiatives are leading new partnerships between public and private actors. They include members from the Danish, Dutch, German, Indian, United Kingdom, and United States governments; businesses and private investors such as Bank of America Merrill Lynch, BlackRock, BNEF, Deutsche Bank, SunEdison, Willis Group; development finance institutions such as AFC, AFDB, BNDES, IDB, and World Bank Group; and foundations such as Bloomberg Philanthropies, Rockefeller Foundation, David and Lucille Packard Foundation, and Shakti Sustainable Energy Foundation. Selected ideas will receive technical guidance from high-level investors and experts, as well as analytical, outreach, and communications support.
Previous winners have raised nearly USD 600 million through the Lab network for renewable energy, energy efficiency, and climate-smart land use projects. Instruments launched by the Lab programs include Energy Savings Insurance, which guarantees the financial savings of energy efficiency projects, has launched successfully in Mexico and Colombia, and which was recently approved by the Green Climate Fund for funding in El Salvador; Climate Investor One, which has recently signed partnership agreements to provide renewable energy to millions of people in East Africa; Affordable Green Homes, which has built thousands of energy and water efficient houses in South Africa, and is now expanding to additional regions; and the Climate-Smart Lending Platform, which aims to mainstream climate-smart agriculture metrics into the potentially USD 200 billion smallholder lending market.
More information is available here: www.ClimateFinanceIdeas.org.
The Global Innovation Lab for Climate Finance identifies, develops, and pilots transformative climate finance instruments that can drive billions of dollars of private investment in climate change mitigation and adaptation in developing countries. The Global Lab is funded by the UK Department of Energy & Climate Change (DECC), the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), the U.S. Department of State, the Netherlands Ministry for Foreign Affairs, Bloomberg Philanthropies, and The Rockefeller Foundation. Climate Policy Initiative serves as The Lab Secretariat.
The Fire Awards accelerate powerful, early-stage pilots and businesses that can unlock finance for clean energy and green growth. Climate Policy Initiative serves as the secretariat for the Fire Awards, which collaborates closely with the Global Innovation Lab for Climate Finance (The Lab). Fire is funded in part by Bloomberg Philanthropies, and Bloomberg New Energy Finance provides in-kind support.
The India Innovation Lab for Green Finance is a public-private initiative that identifies, develops, and accelerates innovative solutions to finance green infrastructure in India. It has been endorsed by the Indian Ministry of New and Renewable Energy. It is hosted and funded by Shakti Sustainable Energy Foundation, with additional financial support from the UK Government and the David and Lucile Packard Foundation. Climate Policy Initiative in Delhi serves as the Secretariat and analytical provider.