December 6, 2016, London – The Global Innovation Lab for Climate Finance has selected three new ideas for climate finance instruments to move forward for further analysis, development, and preparation for launching in its 2016-2017 cycle – a cloud forest conservation fund, a facility for early stage finance for renewable energy, and a commercial investment vehicle to provide growth capital for companies with climate initiatives.

Following a joint Call for Ideas with the Fire Awards, the two initiatives received a record number of high quality and innovative idea submissions. After an initial screening of these ideas, on December 5^th Lab Members met in London to select the top three ideas based on their actionability, innovation, catalytic potential, and financial sustainability.

Over the next few months, the selected three ideas will receive guidance from Lab Members and other high-level experts, as well as rigorous analysis provided by the Lab Secretariat (Climate Policy Initiative), in preparation for potential piloting at the end of The Lab’s 2016-2017 cycle.

The selected three ideas are:

• Cloud Forest Blue Energy Mechanism: A fund for restoration and conservation of cloud forests in Latin America, which can improve the productivity of hydroelectric plants, proposed by Conservation International and the Nature Conservancy
• Renewable Energy Scale-Up Facility (RESF): A platform to drive private institutional equity into the riskier, earlier stages of renewable energy projects in emerging markets, to expand project pipelines, proposed by Baker & McKenzie and Get2C
• CRAFT: A commercial investment vehicle that blends private and public finance to provide growth capital and technical assistance for companies managing climate risk, proposed by the Global Adaptation & Resilience Investment Working Group

“The need for adaptation and climate resilience is urgent and increasing. The Lab offers the practical expertise and potential financial support to launch CRAFT.” – Jay Koh, Global Adaptation & Resilience Investment Working Group (GARI) and idea proponent for CRAFT

“We believe our idea can provide important climate mitigation and adaptation benefits wherever there is an overlap between hydropower watersheds and cloud forests that have been degraded, or are threatened by degradation.  We see the Lab as a great vehicle for further developing and sharing the concept, and we hope to attract both donors and impact investors who can provide resources to make it a reality in places that need such solutions.” – Lawrence Connell, Conservation International and idea proponent for Cloud Forest Blue Energy Mechanism

“The Renewable Energy Scale-up Facility is all about growing gigawatt pipelines of renewables projects across emerging markets through an innovative equity financing structure. The Lab is the perfect fit to enable us to fast-track and stress-test the concept through to pilot by being able to access an experienced, multi-disciplinary team of advisors and unlock the private and public finance need to fully develop our vision.” – Paul Curnow, Partner, Baker & McKenzie and idea proponent for RESF

“The Global Innovation Lab for Climate Finance is excited to take these ideas forward to help develop them into actionable finance instruments that can catalyze needed investment for climate mitigation and adaptation. Lab instruments from previous cycles have now raised nearly $600 million in funding, and we look forward to seeing this new wave of ideas take shape.” – Dr. Barbara Buchner, Executive Director, Climate Policy Initiative and Lab Secretariat

The Global Innovation Lab for Climate Finance identifies, develops, and pilots transformative climate finance instruments that can drive billions of dollars of private investment in climate change mitigation and adaptation in developing countries. The Global Lab is funded by the UK Department of Energy & Climate Change (DECC), the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), the U.S. Department of State, the Netherlands Ministry for Foreign Affairs, Bloomberg Philanthropies, and The Rockefeller Foundation. Climate Policy Initiative serves as The Lab Secretariat.