Author: The Lab - Driving Sustainable Investment, The Global Innovation Lab for Climate Finance Secretariat
Category: City Procurement Policy
Published/Created by: Climate Finance Lab
Link: https://www.climatefinancelab.org/about/how-it-works/
The Global Innovation Lab for Climate Finance was developed in 2014 by the UK, U.S. and Germany in partnership with major development finance institutions, key private sector actors, and several climate finance donor governments – Denmark, France, Japan, the Netherlands, Norway. The Global Lab was created to identify and develop innovative instruments that could drive private finance for climate mitigation and adaptation in developing countries. Global Lab members, which have since grown to include philanthropic partners Bloomberg Philanthropies and the Rockefeller Foundation, as well as developing country government representatives like Rwanda, quickly recognized concentrated opportunities and investment needs in certain countries. As nations and businesses work to tackle both climate challenge and development goals, access to finance has emerged as a critical element. Private investors – often supported by public policy and finance – are already channeling significant amounts of money into the low-carbon economy in countries around the world, but much more investment is needed. This is particularly true for developing countries, which often face difficulties attracting private investment at the scale needed to reach their sustainable development and energy access goals. The Global Innovation Lab for Climate Finance network accelerates well-designed financial instruments that can unlock billions for energy efficiency, renewable energy, sustainable transport, climate-smart agriculture, and curbing deforestation, while also reducing private investors’ risks and improving their financial returns. A public-private partnership, the Lab brings together and catalyzes broader government and private sector efforts to scale up climate finance.
The Global Innovation Lab for Climate Finance network accelerates well-designed financial instruments that can unlock billions for energy efficiency, renewable energy, sustainable transport, climate-smart agriculture, and curbing deforestation, while also reducing private investors’ risks and improving their financial returns. A public-private partnership, the Lab brings together and catalyzes broader government and private sector efforts to scale up climate finance.