Logo

Adaptation Finance Innovation Lab

P2R's Adaptation Finance Innovation Lab (AFIL) seeks to increase regional adaptation finance flows by facilitating the ideation and development of six financing approaches for innovative public or private sector financial instruments.

Why?

Alongside scaling existing financing for adaptation as part of regions' transformative Climate Resilience Strategies and Investment Plans, new and innovative financing approaches, business models and instruments will be needed to close the adaptation finance gap in specific contexts.


Led by Climate KIC and supported by Athens University of Economics and Business, PWA, LGI, IIASA, GIB and HEC, the Lab will be the first dedicated facility in Europe to identifying, developing and piloting such adaptation finance solutions.

Applications

The six concepts will be shortlisted from an open call for proposals to be launched on the 15th of January 2026, after which they will undergo 13 months of hands-on support that seeks to increase their bankability and set them up for success in securing investments after graduation.


The call will be open to all entities, with a commitment to deploy the proposed solution in one of P2R’s participating regions. P2R Regional Governments will be equally welcome to apply as long as they can commit the time and resources needed to co-develop and implement concepts.


Applicants should ideally propose concepts for instruments and business models which unlock finance to address the specific climate risks faced by the particular P2R region where they intend to pilot that concept. In more general terms, the proposed concepts should ultimately help to address one or more of the eight risks deemed as needing “urgent” action by the European Climate Risk Assessment (EUCRA). These are listed below.

EUCRA Risks

What support participants can expect

The successful applicants will go through 13 months of “incubation” support, where they will develop, refine and validate their ideas. The infographic below shows a few examples of the kinds of technical deep dives that participants can benefit from by participating in the Lab.

Support Infographic

Information & Resources

The call for proposals will open on the 15th of January 2026.


For further information on the eligibility and selection process and criteria for the call for proposals, please consult our Application Guidance Document.


You can also watch our webinar on the Lab on demand, which includes information on:


  • The broader work on adaptation finance delivered through the Pathways2Resilience project and how the Lab fits within this.
  • The gaps in adaptation finance - why it is harder, why it urgently needs to be enhanced, what exists already and what is still missing.
  • An overview of the Lab’s purpose, high-level objectives and structure.
  • A zoom-in on the support and value-add participants can expect to receive from the incubation activities in the Lab.
  • A deep-dive on the application process: who can apply, thematic focus, eligibility and selection criteria, and application format.

You can also find the slides from the webinar here.