By innovative we don't only mean new energy technology and new green financing mechanisms.
But none of the financing mechanisms were included in the bill passed Monday.
The UN, World Bank and African Development Bank are all set to be involved in the financing mechanisms.
But Mr. Schwarz said uncertainty remained in nonprofit circles about the fund's financing mechanisms and its criteria.
Projects related to energy supply, financing mechanisms, employment, skills and business growth with a retrofit focus were also singled out.
The financing mechanisms, while occasionally contentious, are generally quickly resolved and seen as equitable.
"There is no reason," he added, "that the conservation business can't be as creative with financing mechanisms as the normal business world".
Mr. Brown and President Nicolas Sarkozy of France supported using "innovative financing mechanisms," like a tax on global financial transactions, to help developing countries transform their energy systems.
These models are more participatory, can draw on new financing mechanisms and build on the energy, dynamism and creativity of those who are traditionally marginalised and oppressed.
Next steps: REDD financing mechanisms should be flexible so they can incorporate both inter-governmental funding (at national scale) and market-based funding (at project level).
The fund was instructed by the G20 to produce a report on innovative financing mechanisms – including a transaction tax – in time for its spring meeting next April.
