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The World Bank Group, in collaboration with its partners, has launched the Innovate4Climate Finance and Markets Week, a new global dialogue between government, multilateral, business, banking, and finance leaders. The first conference will take place in Barcelona, Spain from May 22-25. Government representatives and business leaders will meet to discuss the shape of the next generation of climate finance, according to a statement released on Wednesday by the World Bank.

The event has been organized in partnership with the governments of Spain and Germany. It also has the support of FIRA Barcelona, Barcelona’s trade fair institution; the International Emissions Trading Association (IETA), a non-profit organization dedicated to the establishment of effective systems for trading in greenhouse gas emissions; and Climate Action, a global network of over 1,100 NGOs in over 120 countries.  

"The World Bank Group, in collaboration with its partners, is firmly committed to establishing Innovate4Climate as the place where finance, markets, and technology come together to accelerate climate action and scale up the financing needed to turn the ambitions of the Paris Agreement into reality," the multilateral financial institution said.

The World Bank stated that there is proof the international community is committed to tackling and overcoming the challenges of climate change, based on the remarkable pace at which nations have ratified the Paris Agreement and started to put their national plans, or Nationally Determined Contributions (NDCs) into action.  

Helping countries transition to a low-carbon and sustainable economy presents an unprecedented investment opportunity. The NDCs offer a clear roadmap for investments that will target climate-resilient infrastructure and offset higher upfront costs.

According to the World Bank, the NDCs of emerging economies alone represent around $23 trillion in investment potential. Putting these plans into action could help grow the global economy and unlock untapped possibilities.

"Making sure these investments are low-carbon and climate-resilient is key to our future," said John Roome, Senior Director for the World Bank Climate Change Group. "Public sector finance cannot do it alone. We need to find innovative ways to leverage concessional and public finance to mobilize private sector finance for climate action."

The conference is designed to be the premier global platform that brings together public and private sectors on climate financing and investment. New business models for emerging products and technologies, and new financial instruments and markets will be discussed. Approximately 40 exhibitors from companies in the finance, carbon trading and clean energy sectors, as well as insurance companies, investment funds and NGOs, will showcase the strategies and technologies for driving the fight against climate change.