The World Bank has launched a new initiative for accelerating climate action. The Innovate4Climate Finance and Markets Week aims to establish a global dialogue between government, multilateral, business, banking, and finance leaders.

The first of many events will take place in Barcelona, Spain from May 22-25. Business leaders and decision makers will meet to discuss the shape of the next generation of climate finance.

“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 World Bank statement reads.

According to the international financial institution, there is proof the international community is committed to tackling and overcoming the challenges of climate change.

Helping countries transition to a low-carbon and sustainable economy presents an unprecedented investment opportunity. The NDCs of emerging economies alone represent around USD 23 trillion in investment potential. Putting these plans into action could help grow the global economy and unlock possibilities.

Read more at Financial Nigeria.