Governments and experts from across the international financial sector came together in London to consider new options to raise private finance for climate projects in developing countries.

The UK, US and Germany launched the Global Innovation Lab for Climate Finance, a public-private initiative that aims to spur investment in low carbon, climate-resilient infrastructure in developing nations.

The ‘Lab’ will analyse and test the proposals over the coming months that were put forward during the two-day Clean Energy Finance Summit in the capital this week. It aims to help developed countries meet their commitment to get $100 billion (£59.7bn) of finance a year by 2020 for climate projects.

Energy Minister Greg Barker said: “The City of London is already a leading global centre for green finance – supporting UK jobs and growth as part of our long-term economic plan.

“By bringing together governments and international private sector partners at the Summit, we can now go even further to mobilise investment to help drive low carbon growth in developing countries and open up new markets for UK plc.”