Innovation is imperative, GCF tells Leaders Climate Summit

'Innovation is imperative to achieve the goals of the Paris Agreement'. That was the message from GCF Executive Director Yannick Glemarec, speaking to the Leaders' Summit on Climate hosted by President Biden.

GCF participated in the session on Investing in Climate Solutions moderated by Special Presidential Envoy for Climate John Kerry, which focused on the urgent need to scale up climate finance. Glemarec outlined how GCF is building on its twin strengths of country-driven partnership and a flexible range of financial instruments to foster climate innovation and deliver climate finance to developing countries.

Glemarec told the audience of world leaders gathered virtually that GCF has four approaches to promote innovation:

• a dedicated grant-funded readiness programme to support developing countries’ efforts to incubate novel ideas;
• piloting innovative ideas to establish a proof of concept;
• crowding-in private finance by establishing a commercial track record for new climate solutions;
• strengthening the capacity of domestic financial institutions and entrepreneurs to accelerate the widespread adoption of commercially attractive climate innovation.

GCF promotes innovation in new technologies, business models and financing instruments throughout its USD 30 billion climate portfolio, split equally between adaptation and mitigation projects.

‘Plain vanilla projects are a luxury we cannot afford’, concluded Glemarec.  ‘We must make every dollar count in the fight against climate change.’