A new initiative by governments and the private sector aims to achieve a noticeable increase in the level of private investments in climate action and adjustment in developing countries. The "Global Innovation Lab for Climate Finance" is taking up its duties in London, starting today. This new kind of public-private joint platform is being built up by the governments of Germany, USA and United Kingdom.
"The global demand for investment in climate action cannot be met solely by public budgets. What we need, as fast as possible, is substantial private investments in environment-friendly technologies. This calls for new, intelligent approaches. The Lab will help in finding and testing these approaches", said Jochen Flasbarth, State Secretary in the German Federal Environment Ministry, representing the Federal Government in the "Global Innovation Lab".
Alongside government representatives, the Global Innovation Lab for Climate Finance also includes high-ranking representatives from banks, pension funds, project developers and development financiers. The participants will jointly identify new instruments for climate finance which are suitable to be applied broadly. The project is supported by the Climate Policy Initiative, a climate and energy think-tank.