World Bank Group Launches Climate Business Innovation Network

The World Bank Group and partners launched a network that brings together more than 30 foundations, donors, venture funds, and others to help local businesses in 12 countries develop clean technology and advance climate action.

    The Climate Business Innovation Network will support developing countries in their transition to clean energy and other climate-smart paths by building local capacity and linking small businesses to global sources of technology, finance, and expertise. the world bank press release said.

    Diverse partners, including foundations, donors, businesses, investors, venture funds, universities, international organizations, and government agencies will provide advisory services, partnership and funding to small and growing businesses in developing countries, with a focus on Africa. As the network expands, more organizations will join to enhance the service offerings.

    With countries gearing up to implement the actions in the Nationally Determined Contributions, it is essential they deploy the latest innovations available. 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 network also will sponsor networking events and pitch competitions, and share local and global research and resources through a virtual platform.

    The network builds on the World Bank Group’s Climate Technology Program, a US$70 million initiative that catalyzes the growth of climate technology sectors in developing countries through small and growing businesses.

    It has launched seven Climate Innovation Centers supporting more than 300 firms and produces cutting-edge knowledge with support from the UK Department for International Development and other donors.

    To date, the program has raised more than $9 million in private financing and reduced or avoided more than 75,000 tons of carbon dioxide emissions, as well as creating more than 700 jobs.

    Over the next decade, investments in clean technology sectors in developing countries are expected to top $6.4 trillion globally, with $1.6 trillion of that market accessible to small and medium enterprises.

    The network can help leverage the available financing for climate solutions in local markets. In doing so, it can both diminish the stresses of climate change on vulnerable populations while improving their livelihoods with the benefits of newly introduced climate solutions.