March 5, New Delhi – Today, members of the Global Innovation Lab for Climate Finance (the Lab) announced the top green finance idea in India, among the eight winners of its annual competition. The Lab is an investor-led initiative that identifies, develops, and launches promising solutions to drive critical public and private investment to action on climate change in developing countries.
GROVE: Forestry Smart Ledger (FSL) links together satellite computer vision and remote sensing of biomass increases with blockchain verification of sustainable land-use impacts and restoration agreements to create automated, transparent performance rewards for Indian communities who are engaged in regenerative forestry. By improving tracking, measurement, and verification of reforestation and coastal conservation work, the FSL has significant potential to unlock new funding sources for coastal communities and fortify the income streams generated by more sustainable land use.
“By reducing search and contracting costs for mass scale reforestation and coastal conservation, our solution will accelerate private sector investment and generate rapid increases in climate action. We are excited to have been selected and look forward to collaborating with the Lab to further develop and implement the idea on a larger scale,” said Ryan Merrill, Founder of the Global Mangrove Trust, which submitted the idea.
The FSL idea will receive guidance from the Global and India members, as well as rigorous analysis provided by the Lab Secretariat (Climate Policy Initiative), in preparation for potential piloting. Since its inception in 2014, the Lab has incubated 41 finance instruments that have mobilized over $2 billion in public and private investments. This includes $370 million invested by Lab members—who include over 60 institutions in government, development finance, philanthropy, and the private sector—as well as $1.7 billion from additional investors.
The Lab’s India Program is endorsed by the Indian Ministry of New and Renewable Energy and has been funded in the past by Shakti Sustainable Energy Foundation, the David and Lucille Packard Foundation, the UK Department for International Development (DFID) and the Oak Foundation.
“India’s goals for addressing climate change are ambitious and important. We are excited to welcome new members to the Lab in India, as well as an outstanding instrument into the 2020 class. We look forward to developing this innovative idea into a transformative green finance instrument that can support India’s goals as well as global climate action,” said Dr. Barbara Buchner, Global Managing Director at Climate Policy Initiative and head of the Secretariat for the Global Innovation Lab for Climate Finance.
“Driving access to finance towards a green economy has been a key focus area for India. The green finance idea chosen by the Lab is an important step towards meeting this goal. We are excited to be a part of the Lab and helping this idea reach pilot.” – Shujaat Khan, Founder and General Partner at RIDA Capital and Lab Panel Member.
About the Lab
The Global Innovation Lab for Climate Finance identifies, develops, and launches innovative finance instruments that can drive billions in private investment to action on climate change and sustainable development. The Lab is funded by the Australian Department of Foreign Affairs and Trade, Bloomberg Philanthropies, the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU), the International Fund for Agricultural Development (IFAD), the Netherlands Ministry for Foreign Affairs, The Rockefeller Foundation, and the UK Department for Business, Energy & Industrial Strategy. Climate Policy Initiative serves as Secretariat.
More information is available at: www.climatefinancelab.org