THEAFRICABAZAAR
November 18, 2016
Clean technology entrepreneurs in developing countries around the world can now tap into a global resources network for information and support they need to develop their innovation and initiatives, thanks to the World Bank’s newly launched Climate Business Innovation Network.
The network, which gathered more than 30 foundations, donors, venture funds, and others to assist local businesses in 12 countries develop clean technology and promote climate change action, will tap into the diverse partners’ knowledge bank and strengths to provide advisory services, partnership and funding to small and growing businesses in developing countries, with a focus on Africa.
A partnership between the World Bank and its partners, the network which include universities, international organizations, and government agencies, will support developing countries in their transition to clean energy and other climate-smart actions by building local capacity and linking small businesses to global sources of technology, finance, and expertise.
The network will give policymakers and innovators, as countries prepare to execute their Climate change program, access to expertise and latest technology that have been proven in other countries which can be customize to deploy new models.
The World Bank Group’s senior director for Trade & Competitiveness, Anabel Gonzalez said the network will enable for maximum impact to help accelerate small and growing businesses capacity by delivering “concrete solutions to climate problems, while creating jobs and value in partner countries” and helping them meet their Paris commitments.”
The network is also viewed as a tool to leverage available financing for climate solutions in local markets in order to have maximum impact that will improve the livelihoods of the population affected the most by climate change as well as a mean to introduce new cutting edge climate-smart technologies.
According to the World Bank, investments in clean technology sector in developing countries are expected to top $6.4 trillion globally over the next decade, with $1.6 trillion of that market accessible to small and medium enterprises.
The network builds on the Bank’s $70 million Climate Technology Program initiative which catalyzes the growth of climate technology sectors in developing countries through small and growing businesses.
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