08 November 2018
The EU-backed Mission Innovation initiative has launched a framework to identify 100 investments with the potential to reduce emissions by 10 million CO2e or more by 2030.
The Countdown to 100 low-carbon solutions framework was launched at EIT Climate-KIC's Climate Innovation Summit in Dublin on 7 November.
It is looking for a mix of solutions both from start-ups and large corporates, and will select the 100 investments through an open-nomination process. In addition, organisations including EIT Climate-KIC, the Clean Energy International Incubation Centre and WWF Climate Solvers will help source solutions.
The call follows the recent launch of the Mission Innovation Solution Framework, an “avoided emissions” investor framework that aims to rapidly identify emissions-saving solutions needed to limit global warming to below 1.5C.
EIT Climate-KIC has joined forced with Mission Innovation - a global initiative including the EU and 23 countries whose purpose is to significantly accelerate clean energy innovation - to support the framework, alongside The Research Institutes of Sweden (RI.SE) and other partners.
“The IPCC’s Special Report on limiting global warming to 1.5C above pre-industrial levels should leave us in no doubt that the financial sector has a make-or-break role in averting catastrophic climate change,” says CEO of the EU’s EIT Climate-KIC Dr Kirsten Dunlop. “Divestment can get us only so far. We now need to identify 1.5 compatible solutions and drive investment and uptake much more quickly.”
Sweden will lead the partnership to find 100 solutions, and energy minister Ibrahim Baylan said “disruptive solutions” are needed to reach long-term energy and climate goals.
The Climate Innovation Summit in Dublin on 6-8 November also marked the first meeting of the European Hub for the UN Financial Centres for Sustainability. The FC4S network will develop a common European assessment tool to evaluate the sustainability credentials of financial centres. It will also help financial centres become better positioned to promote sustainable finance through an open innovation platform.
Environmental Finance has written a series of articles in partnership with EIT Climate-KIC ahead of the Climate Innovation Summit, including a Q&A about the Mission Solutions Framework and a feature on the EU FC4S initiative, which can be found here: https://www.environmental-finance.com/content/sections/climate-kic.html