Earth Wake was created by its three co-founders Laura Altinger, Cédric Rimaud and Yossef Zahar, following initial scoping work undertaken by the United Nations to identify ways to catalyze green, private-sector investment into climate change adaptation and mitigation in the Asia-Pacific region.
Increasing numbers of responsible financial service providers (FSPs) across the region that are already delivering a social agenda see the growing market opportunity to serve vulnerable communities, smallholders and those most affected by ongoing climate change. The team has identified an existing gap in knowledge and capacity to identify workable solutions – financial products, processes and technologies – to strengthen the resilience of vulnerable people and communities and to help them adapt to climate change. Access to large-scale, dedicated green finance is required for this transformation yet climate and sustainable finance remains limited especially in lower middle-income countries and least-developed countries of the region.
Debt capital markets are a natural financing choice for meeting this challenge due to the required scale and cost efficiencies. Underdeveloped local capital markets and FSPs’ weak financial standing require a pooled approach supported by blended finance. To achieve greater impact, comprehensive technical assistance for communities, FSPs, and governments, complemented by knowledge exchange, is needed to raise awareness about the impacts of climate change, identify solutions to strengthen resilience, help FSPs best position themselves to fully realize the opportunity it offers, as well as achieve an enabling policy environment.
With a vision to bring transformation at scale for vulnerable communities in the region, Earth Wake’s mission requires an in-depth understanding of climate change adaptation and mitigation in the context of Asia-Pacific; international climate finance and policy dialogue; coupled with the participation of development finance institutions for blended finance; overcoming barriers and mitigating risks including the exchange rate; credit enhancement; asset management; programme management; impact measurement tools; credit risk assessments and due diligence; knowledge of operations and governance of financial intermediaries; and the creation of sustainable financial products. Taking a collaborative and inclusive partnership approach as a core strategic component, Earth Wake is uniquely suited to deliver on this complex mission.