Two Fire Awards winners will join this year’s class of Lab instruments to receive support from Climate Policy Initiative and the Lab’s expert network
London—Next week, thousands of investors and energy sector experts will gather at the BNEF Future of Energy Summit. The Global Innovation Lab for Climate Finance will play a major role in the event, presenting the Fire Awards to two winners selected by audience votes from among four 2017 finalists who have demonstrated significant potential to spur commercial investment and transformation in clean energy and green growth. The winners will join Lab instruments currently in development in this year’s class of transformative instruments.
The four Fire Awards finalists are:
- Electric Bus Battery Service Agreements: A new lease financing model, introduced by Proterra, for their zero-emission buses that lowers up-front costs to make them competitive with fossil fuel-powered buses
- Global Fleet of Modular Moveable Megawatt-scale Solar Assets: A new asset facility introduced by SunSHIFT and Laing O’Rourke to back a global fleet of moveable and modular solar farms, that can deploy 10 MW of solar power in the first year
- Online Financing of Clean Energy Projects: An online clean energy project financing platform, introduced by Repower Capital Inc, that aims to double the percentage of mid-sized projects that get financed from 5 to 10% by reducing transaction costs and matching projects directly with profiled investors
- Solar Agro-processing Power Stations: An initiative led by Village Infrastructure Angels, to improve living standards in rural villages by delivering solar solutions tailored to local needs
In addition to presenting the Fire Awards, Global Lab Advisors will also be meeting in the sidelines of the BNEF Summit to review and confirm design details for the three Lab instruments selected for development this year, marking an important milestone in their path toward implementation.
The three 2017 Lab instruments are:
- Cloud Forest Blue Energy Mechanism: A fund for restoration and conservation of cloud forests in Latin America, which can improve the productivity of hydroelectric plants, proposed by Conservation International and the Nature Conservancy
- Climate Resilience & Adaptation Finance & Transfer Facility (CRAFT): A fund that blends commercial and catalytic finance to invest growth equity in companies to accelerate the diffusion of climate intelligence products and resilience building solutions, proposed by the Lightsmith Group
- Renewable Energy Scale-Up Facility (RESF): A platform to drive private institutional equity into the riskier, earlier stages of renewable energy projects in emerging markets, to expand project pipelines, proposed by Baker & McKenzie and Get2C
Together with the BNEF Energy Pioneers, the Fire Awards, and the Lab will host an Innovation Hub within the Summit designed to introduce summit participants to a new class of investable solutions to climate and clean energy challenges.
Barbara Buchner, Executive Director of Climate Policy Initiative, which manages both the Lab and Fire Awards, said, “The BNEF Future of Energy Summit is always an exciting event that sets the direction for the coming year in clean energy. We are excited to share the innovative, transformative solutions that can drive finance for clean energy and climate with this network.”
The Global Innovation Lab for Climate Finance identifies, develops, and pilots transformative climate finance instruments that can drive billions of dollars of private investment in climate change mitigation and adaptation in developing countries. Climate Policy Initiative serves as secretariat and analytical provider for the Lab.