The third edition of # wrapped up in Singapore. Over 1,200 delegates from 82 countries attended a number of events.
This was the first time Innovate4Climate took place Asia. One of the most vulnerable regions globally to climate change, Asia is also home to some of the most exciting opportunities that are arising from bold climate action, whether technology, business models or policy innovations.
The week provided ample opportunities to hear from and exchange ideas with experts, innovators, entrepreneurs, and financiers about Asia’s low-carbon, climate-resilient transformation.
Take, for instance, the ‘triple win’ of sustainable cooling. It can improve development outcomes – just halving food loss with refrigeration and food cold chains could feed 1 billion undernourished people globally and cooling is critical to avoid heat-induced losses of productivity that could amount to 6% of GDP by 2050 in some parts of Asia and Africa. At the same time, smarter cooling would also reduce harmful emissions that could otherwise lead to 1°C of global warming on a business-as-usual basis and also generate business opportunities and cost savings in commercial and industrial facilities by installing efficient cooling equipment.
On battery storage it was clear that far from being a single purpose asset, batteries could have multiple uses, delivering greater value and bringing costs down. Tailoring energy storage solutions specifically to local contexts can also open markets. A combination of leadership and vision, policies and regulatory frameworks, as well as innovative finance and technology, will be key to boosting battery storage solutions.
Climate-smart cities will be critical for the safety and prosperity of billions of people. Today, urban dwellers account for just over half the global population. By 2050, almost 70% of the world’s population will live in cities and one-third of them will be in Asia. And already many are leading the way in climate-smart innovations, policies and design.
Green bonds in emerging markets also had a boost during the week with the launch of the Real Economy Green Investment Opportunity (REGIO) Fund. The fund, a partnership between IFC and HSBC Global Asset Management Fund is expected to catalyze at least $500 million to $700 million in multilateral and private sector capital to support climate-smart investments in developing countries—largely through bonds issued by non-financial, or real sector, companies.
As the week came to a close, one message was clear: the climate challenge is significant and urgent, but there are exciting solutions out there that have the potential to transform our economies and deliver cleaner, better and more inclusive growth.
Original source: World Bank
Published on 11 June 2019
