The Global Innovation Lab for Climate Finance, a group of more than 60 major investors, banks, foundations, and governments, has announced the launch of six inter-related climate finance initiatives aimed at raising billions of dollars to support clean energy, sustainable agriculture, and low carbon cities in developing countries. The Lab has mobilised nearly $2bn for climate action and sustainable development since its creation in 2014
The six new financial instruments target four key focus areas relating to climate mitigation and adaptation, marine and coastal restoration for carbon sequestration, sustainable smallholder farming in Africa, renewable energy access in Rwanda, and low carbon cooling and air pollution projects in cities.
The new instruments endorsed by the Lab show great potential to open up new markets and opportunities for effective and ambitious action on climate change.
Supported projects include the Restoration Insurance Service Company, a social enterprise that invests in mangrove restoration and conservation in areas with high-value coastal assets, and the Blockchain Climate Risk Crop Insurance platform to boost climate resilience of crops and farmers in West and Central Africa.
Others such as Cooling as a Service, which aims to decrease energy consumption and greenhouse gas emissions from cooling use in cities through a pay-per-service model for more efficient air conditioning, and Solar Securitization for Rwanda, a tradable security designed to help solar developers increase access to expansion capital, have also been announced.