Global Innovation Lab for Climate Finance

A Global Innovation Lab for Climate Finance (The Lab) is an initiative of the UK, German, and U.S. governments to support the identification and piloting of cutting edge climate finance instruments. It aims to drive billions of dollars of private investment into climate change mitigation and adaptation in developing countries. Seven instruments were selected from about 90 entrants. The seven are to be taken forward for further analysis to assess their suitability for piloting. They will be presented in New York in April 2015 according to The Lab website.

Our ‘Global 4C’ proposal was not entered into The Lab ‘competition’.

All of the finalists of The Lab are financial instruments, and none consider a monetary innovation (i.e. a new currency system). A challenge for Global 4C, as a policy proposal, will be to break through the political and cultural barriers to the idea of a World Monetary Union for Climate Change and a new World Currency for global mitigation rewards. The success of this idea will depend in part on the worldview of ‘policy assessors’, the scale of the finance needed, and the magnitude of the environmental risks posed by climate change. These risks may far exceed those currently reported by the IPCC according to some unofficial reports [1].

 

[1] Wasdell, David. (2011). Climate Sensitivity: Amplification of the Anthropogenic Disturbance of the Climate System. Proceedings of the Global COnference on Global Warming, 2011. 11-14 July, 2011. Lisbon, Portugal.