Climate solutions
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BFA Global: Spurring innovation for climate resilience
In a nutshell
| Location | Mexico |
|---|---|
| Sustainable Development Goal | Climate Action |
Project timeline
"Project is 62.3169107856% completed "
The challenge
Oceans are a critical regulator of Earth's climate, a vital food source and a significant contributor to global and regional economies. As pollution, overfishing, and climate change threaten this underwater world, the well-being of future generations depends on today’s efforts at ocean conservation.
One obstacle to protecting and regenerating the world’s oceans is the difficulty of estimating the total scale of the problems in this complex natural environment. Perhaps more important, in many parts of the world innovative technologies that effectively address the climate, biodiversity and pollution crises are lacking.
In Mexico, for example, organisations set up expressly to identify and support start-ups devoted to ocean conservation struggle to find good candidates for investment, a reflection of the nascence of the region’s innovation landscape. Enhancing innovation and supporting start-ups will be a key part of tackling ocean-related challenges.
The approach
BFA Global’s Triggering Exponential Climate Action (TECA) initiative aims to develop an innovation landscape that accelerates tech-enabled climate solutions to help vulnerable households and enterprises build resilience to climate change. In partnership with local stakeholders and other funders, TECA combs the Global South for entrepreneurs with promising ideas for building ocean resilience and supports them as they develop and launch their own start-ups.
In this project supported by the Swiss Re Foundation, TECA will increase early-stage innovators’ access to capital, ideas and expert support to launch ocean resilience-building ventures on the peninsula of Baja California, Mexico. The project’s first two phases are about identifying candidates and selecting “fellows” to participate. The third and fourth phases will focus on helping fellows develop their ideas into compelling business solutions and then build effective teams and organisational structures to launch, improve and finance their new companies.
In addition to expanding the pipeline of investable climate resilience solutions, TECA will share lessons learned with regional policymakers, venture support programmes and investors.
Goals and expected impact
The overall objective is to recruit 30 to 50 fellows in Baja California who will team up and launch a total of 7 to 10 ventures focused on enhancing water- and ocean-related livelihoods and ecosystem services.
Along with the total number of ventures that manage to elaborate a proof of concept or a minimum viable product, the following impacts will be tracked for each venture after its first full year of operation: funds raised from investors, leverage ratio and targets with respect to climate adaptation, biodiversity and carbon capture.
Relevant links
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