Carbon Trust Teams Up With New World Bank To Speed Up Low Carbon Innovation In Developing Countries

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The Carbon Trust is one of 13 organisations across the globe supporting the World Bank’s new Climate Business Innovation Network (CBIN). The network has been created to address the urgent need for commercialisation of climate technologies, and for them to be diffused throughout emerging countries to confront present climate concerns.

With countries gearing up to implement their Nationally Determined Contributions under the Paris Agreement on climate change, it is essential they are able to deploy innovative clean technologies. The network will allow climate technology businesses in developing countries to access the expertise and know-how needed to adapt and adopt innovative business models that have been proven in other countries.

The CBIN will initially consist of 30 organisations representing a range of global, regional and local remits, which will leverage their range of experience to contribute to clean technology deployment across 12 developing countries. These include foundations, non-profits, bilateral donors, accelerator networks, business associations, multinational corporations, investor networks, and social impact funds.

Specifically, the network will focus on:

Spreading models to enable climate innovation: Countries have implemented a range of strategies to catalyze innovation locally and globally to create new technologies for climate mitigation and adaptation. The network will be the premier vehicle to gather experiences and share them with participating countries and stakeholders.

Diffusing disruptive green business models: The innovation we are seeing in every country around the world in climate sectors is creating many new business models which not only address climate challenges but do so in a commercial manner that creates jobs and investments. The network will gather, collect, and share these successes, linking private sector firms and government entities across boundaries to facilitate this transfer.

Crowd-in global sources of finance for climate tech innovation: Both the public and private sector have shown keen interest to invest in novel climate change solutions with developing country applications. There are many barriers to such investment, however, including lack of knowledge, high transaction costs, and challenges to align different investor interests. The network will gather these sources of funding for climate innovation to channel them effectively among a pipeline of promising options.

Officially launched at an event held by the World Bank during COP22 in Marrakech, Tom Delay, Chief Executive of the Carbon Trust shared his views on the importance of the private sector in accelerating the transition to a sustainable, low carbon world. The panel also included prominent figures including James Close, Director, Climate Change, World Bank Group; Nizar Baraka, President of the COP22 Scientific Committee; Judi Wakhungu, Minister of Environment and Natural Resources, Kenya, and Mahama Ayariga, Minister of Environment, Science Technology and Innovation, Ghana.