Global Innovation Lab launches new solutions for climate action

The Global Innovation Lab for Climate Finance (the Lab) has announced the launch of six new financial instruments for climate-related projects in developing countries.

The Lab, an initiative of over 60 public and private investors and institutions, was created in 2014, and has now launched 41 instruments that have collectively mobilised nearly $2Bn for action on climate change and sustainable development.

The solutions target four focus areas in climate mitigation and adaptation: blue carbon in marine and coastal ecosystems; sustainable agriculture for smallholder farmers in Africa; sustainable energy access; and sustainable cities. After going through a seven-month period of analysis, stress-testing, and design, the six instruments are ready to launch their pilots and have the potential to drive significant investment for sustainable development.

Perhaps the most innovative is the Blockchain Climate Risk Crop Insurance, a standardised, digital index insurance platform for smallholder farmers in sub-Saharan Africa that increases resilience in the face of climate change and extreme weather events.

The Lab is funded by the Australian Department of Foreign Affairs and Trade, Bloomberg Philanthropies, the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU), GIZ, the International Fund for Agricultural Development (IFAD), the Netherlands Ministry for Foreign Affairs, The Rockefeller Foundation, Shakti Sustainable Energy Foundation, and the UK Department for Business, Energy & Industrial Strategy. Climate Policy Initiative serves as Secretariat.

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