Latin America. The Global Innovation Lab for Climate Finance has developed 68 climate solutions that have mobilized US$3.5 billion in investments over the past decade.
The entity, also known as El Lab, is described as an accelerator of sustainable financial instruments and has already opened its call for applications for 2024. The aim is to identify innovative financial instruments that address barriers to mobilizing climate investments in emerging markets and supporting the transition to a net-zero emissions economy.
In addition, the Lab specified that two of these ideas will be chosen within the framework of the regional program in Latin America and the Caribbean, in order to have a couple of solutions (one for mitigation and the other for climate adaptation) that have the potential to attract private investment to the countries of the region.
The selected initiatives will receive technical support in the construction of their climate impact thesis and in their financial structuring, as well as analysis, stress tests and guidance from experts and investors for seven months.
"Latin America and the Caribbean has proven to have a high potential to offer solutions aimed at achieving global climate goals, in addition to being a highly vulnerable region to the adverse effects of climate change. We are thrilled to have funding from the U.K.'s Department of Energy Security and Net Zero Carbon and the U.S. Department of State to support two climate finance ideas in the region", said María Ruiz, who leads the implementation of El Lab's Latin American program.
The call will be open until December 27. A webinar is currently scheduled to take place on November 16. There, detailed information will be provided about El Lab's process, selection criteria, and acceleration program. Those interested must register online in order to participate.