The Carbon Trust is one of 13 global organisations supporting the World Bank’s new Climate Business Innovation Network (CBIN). The network has been formed to address an urgent need for climate technologies to be commercialised and diffused throughout emerging countries in order 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.
Co-operation can be a real catalyst for change. There are some very promising business models and technologies being put into practice today in developing countries, which can work across multiple country contexts once adapted to address local needs and capture local opportunities. What is more, sharing stories of failures and successes can help increase confidence, reduce risks and unlock finance, all of which are hugely important. The World Bank’s new Climate Business Innovation Network can harness the power of innovation and collaboration to unleash private sector solutions to climate change and sustainable development.
Tom Delay, Chief Executive of the Carbon Trust
Initial network partners include:
Australia’s Department of Foreign Affairs and Trade
Denmark’s Ministry of Foreign Affairs
Global Impact Investing Network
IC2 Institute, The University of Texas at Austin
Italian Ministry of Foreign Affairs
Los Angeles Cleantech Incubator
The Netherlands’ Ministry of Foreign Affairs
Norway’s Ministry of Foreign Affairs
U.K. Department for International Development
Embrapa (Brazilian Agricultural Research Corporation)
Egyptian National Cleaner Production Center
Ethiopia Climate Innovation Center
Ghana Climate Innovation Center
Caribbean Climate Innovation Center (Jamaica)
Scientific Research Council (Jamaica)
Kenya Climate Innovation Center
Renewable Energies Industries Association of Malawi
SME Development Institute (Malawi)
Banque Nationale de Mauritanie
Jeune Chambre de Commerce (Mauritania)
Union Nationale du Patronat Mauritanien
Moroccan Agency for Sustainable Energy
Morocco Climate Innovation Center
Bertha Center for Social Entrepreneurship (South Africa)
GreenCape (South Africa)
South Africa Climate Innovation Center
Caribbean Industrial Research Institute (Trinidad & Tobago)
National Agency for Technology Entrepreneurship and Commercialization Development (Vietnam)
Vietnam Climate Innovation Center