Canada will deliver support through trusted partners with expertise in finance solutions to address climate change
Catherine McKenna, Minister of Environment and Climate Change announced Canada will invest nearly $1.8 billion to mobilize private-sector support for developing countries’ efforts to transition to cleaner, more sustainable economies.
This funding is part of Canada’s $2.65 billion pledge to help countries and communities around the world pollute less, be better equipped to resist the effects of climate change, and make a positive contribution to a global clean economy.
It will leverage private-sector investments in areas such as clean technology, climate-smart agriculture, sustainable forestry, and climate-resilient infrastructure.
“The global economy is shifting inexorably towards a cleaner, more sustainable future. This shift comes with an opportunity to help some of our world’s most vulnerable populations,” said McKenna.
“This investment will help communities in developing countries create sustainable green jobs and lessen their reliance on more polluting sources of energy. And it will spur innovation by creating new opportunities around the world for the clean-technology sector.”
Canada will deliver this support through a range of trusted partners, including multilateral development banks, with demonstrated expertise in innovative finance solutions to address climate change.
Canada’s action on climate change will help communities in Canada and around the world in tangible and meaningful ways such as improved air quality; better, more sustainable jobs; and more access to economic opportunities, according to the press release.
This funding is in addition to Canada’s investments in bilateral programming to help developing countries reduce greenhouse gas emissions and adapt to the impacts of climate change.
- Canada’s bilateral support will focus, in particular, on empowering women and girls, and it will align with commitments to support the United Nations Sustainable Development Goals.
- The 2009 Copenhagen Accord committed the developed world to mobilize $100 billion per year to support green growth and climate resilience in developing countries. This commitment will create tremendous opportunities for business growth and innovation as companies invest in and market clean technology.
- According to the World Bank, the Paris Agreement will help open up nearly $23 trillion in new opportunities for climate-smart investments in emerging markets, between now and 2030.
- Canada’s climate-finance contribution includes funds for the private sector, at the International Finance Corporation, the Inter-American Investment Corporation and the Asian Development Bank.