The creation of Mobilising More for Climate
MoMo4Climate is an outcome of a seminar on private sector climate finance in developing countries that the Ministry of Foreign Affairs organized in 2013. One of the main conclusions was that government, private sector and civil society need to work on a common agenda to further develop existing ideas for climate finance. One of the main challenges is to better align ideas of NGOs and publicly funded support instruments to private sector interests and opportunities in climate related investments.
The Ministry, IUCN NL and ECN took up the challenge and launched the MoMo4Climate initiative at the 2014 seminar “Setting a Joint Agenda for Private Climate Action”. Here, the first batch of 8 MoMo proponents pitched their innovative ideas to mobilize private climate finance. These included WakaWaka’s proposal to give people in Africa access to a virtual grid from WakaWaka, ECN’s proposal to make good use of residue waste from palm oil plantations, and a plan from FMO to issue climate friendly bonds.
MoMo4Climate grew over 2015 with a selection of financial experts from both the public and private sector that agreed to take part in a panel to review new MoMo proposals. The panel makes an assessment of the potential that each proposal has as a business case and discuss possible opportunities to fund the proposals nationally or internationally. Apart from technical feedback the panel also selects the most promising proposals to be pitched during an annual private climate finance seminar.
The MoMo initiative is inspired by the way Bloomberg set up the New Energy Finance for Reslience (FiRe) program and The Global Innovation Lab for Climate Finance.