Opportunity Aligns with India’s Net-Zero Commitment; Deadline for Submissions: December 27, 2023
The Global Innovation Lab for Climate Finance (the Lab) has opened its doors for innovative climate finance proposals aimed at bolstering India’s green growth and tackling unique financial challenges within the green sector. This initiative aligns with India’s pledge to achieve net-zero emissions by 2070. The submission deadline for proposals is set for December 27, 2023.
Selected proposals stand to benefit from comprehensive support, including technical and analytical assistance from Lab analysts and partner organizations. This support encompasses financial modeling, market analysis, and evaluations of potential social and environmental impacts. The Lab will also extend its aid for risk assessment, implementation planning, and the development of promotional materials to attract potential investors.
The Lab, backed by more than 70 public and private investors and institutions, is committed to propelling private investment on a global scale and advancing sustainable development objectives in emerging markets. Since its inception in 2014, the Lab has launched 68 innovative financial instruments that have collectively mobilized over USD 3.5 billion.
Arun Krishnan, who leads the India Lab program, emphasized the significance of unlocking private sector investment for India’s sustainable development. He pointed out that challenges such as limited credit access, increased risks, unfavorable financing terms, and a lack of innovative financing mechanisms have impeded India’s progress in the green sector. Krishnan emphasized the Lab’s pursuit of financial solutions to channel private resources into India’s climate priorities and aid the nation in achieving its ambitious net-zero goals.
To provide further insights into this opportunity, the Lab will host a webinar on November 16, 2023, to elucidate the application process, selection criteria, and details about the Lab’s acceleration program. Prospective applicants are encouraged to register for this informative session.
In 2024, the Lab plans to select ten ideas, distributed across five regional programs and four global themes. These regional programs include initiatives in Brazil, East and Southern Africa, Latin America and the Caribbean, and the Philippines. The four global themes encompass solutions related to Agriculture and Food Systems, Climate Adaptation, High-Integrity Forests, and Climate Mitigation.
This initiative represents a critical step in advancing climate finance solutions and promoting sustainable development in India and beyond. Applicants are encouraged to seize this opportunity to make a positive impact on the world’s green future.