Read More: The Lab launches eight new finance solutions
On September 28, the Global Innovation Lab for Climate Finance (the Lab) launched eight innovative finance solutions designed to channel private resources to climate action in developing economies. The instruments pay attention to supporting the most vulnerable populations during and after the pandemic while building long-term resilience. The finance instruments will support nature-based solutions as well as sustainable agriculture, cities, and energy access, providing investment opportunities for a green economic recovery. For example:
- GreenStreet Africa will develop portfolios of distributed solar projects in sub-Saharan Africa, addressing the energy access gap of public buildings. Hospitals in need of more reliable electricity during the pandemic will benefit from the investments.
- GROVE: FSL is a platform for connecting community mangrove projects with corporate and individual donors to scale up private finance for mangrove restoration and preservation. The project can foster a sustainable recovery by creating economic, environmental, and social returns.
- Monetizing Water Savings will address agricultural water efficiency in Latin America using a “pay for performance” approach. This way, the instrument can accelerate the funding and adoption of water-efficient sustainable agriculture practices and improve incomes, economic resilience, and food security.
The Lab is an initiative of over 60 public and private investors and institutions that identifies, develops, and launches finance instruments to support sustainable development goals in emerging markets.