Carbon Trust are one of the 13 global organisations to initially sign up to the network, which aims to allow climate technology businesses in 12 developing countries across Africa, South East Asia and the Caribbean to access the expertise and know-how needed to adopt innovative business models that have been proven in other countries.

Organisations and government departments from across the globe, including the UK, US and the Netherlands comprise the initial 30 members of the CBIN. The Carbon Trust joins the UK Department for International Development (DFID), non-profit Convergence and Washington-based start-up incubator 1776 in the initial line up.

Carbon Trust chief executive Tom Delay said: “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.”

‘Fundamental shift’

The World Bank officially launched the partnership during COP22 in Marrakech, but this is the first time the Carbon Trust has issued a statement on its involvement.

The network will specifically focus on spreading models to enable climate innovation both locally and globally to create new technologies for climate migration, and diffusing disruptive green business models by tackling climate issues in a commercial manner through job creation and investment opportunities.

CBIN aims to gather global sources of finance for climate tech innovation. This involves breaking down existing barriers such as a lack of knowledge, high transaction costs and challenges to align different investor interests.

Earlier this year, the World Bank announced plans to make a “fundamental shift” in its role of alleviating global poverty, by refocusing its financing efforts towards tackling climate change. Being the world’s biggest provider of public finance to developing countries, the World Bank vowed to spend 28% of its investments directly on climate change projects.

Alex Baldwin

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