The Global Innovation Lab for Climate Finance
The Global Innovation Lab for Climate Finance (the Lab) is a public-private initiative that aims to drive billions of dollars of private investment into climate change mitigation and adaptation in developing countries by fast-tracking the development of promising ideas to implementation-ready projects through identifying, developing, and piloting transformative climate finance instruments.
Developed countries have committed to jointly mobilize USD 100 billion per year in climate finance to developing countries by 2020, from public, private, and alternative sources, in the context of meaningful mitigation and transparency of action. The Lab contributes to this collective effort by identifying and developing transformational proposals that will mobilize private investment at scale.
The Lab catalyzes this process by drawing on experience and expertise from around the world to identify, design, and pilot the next generation of climate finance instruments. These instruments provide concrete solutions to financing challenges faced in real projects, and can build new markets, attract new investors, and help to unlock billions of dollars in new climate-friendly investment in developing countries. Eligible countries are able to access support through the Lab network, not directly.
The Lab is part of broader government and private sector efforts to scale up climate finance. It aims to respond to the urgency of the climate challenge by accelerating promising climate finance proposals so that they are ready to implement. By quickly developing project-ready solutions that can be implemented in the short term it aims to complement existing processes. The Lab stands out for its goal of moving quickly from talk to action.
The first phase of a new Lab Cycle commences with an international ‘call for ideas’, with the aim to crowd-source innovative ideas for concept development. Ideas are submitted by Idea Proponents acting in an individual capacity; including experts and entrepreneurs from public institutions, the private sector, and civil society such as think-tanks and academics.
Submissions received after the official deadline or those that are incomplete will not be considered. All submissions will be reviewed by the Secretariat using standard criteria, and a list of ideas that meet the minimum criteria will be compiled. Proponents select which Lab program they wish to apply for (Global Lab, India Lab, Fire Awards), though the Secretariat reserves the right to suggest re-allocation to one of the other Lab programs which may be more relevant, in accordance with each program’s criteria.
Lab Advisors, in consultation with their Principals, will meet to review the list of submissions that have met the minimum criteria and apply a voting procedure to select instruments to take forward to the next phase.
It is important to note that the Lab does not finance projects directly, but rather develops projects along with proponents and then donors decide if they would like to fund the projects.
See more information here.