Canada invests in climate change solutions in developing countries
Press release:
Qatar-- Today, the Honourable Peter Kent, Canada’s Environment Minister, announced a number of key initiatives to support climate change adaptation and mitigation efforts in developing countries.
“Canada continues to deliver on its commitment to support developing countries in their efforts to address climate change,” said Minister Kent. “Canadian fast-start financing is providing concrete help for some of the most vulnerable countries and is reducing greenhouse gas emissions through investments in climate-friendly growth.”
Some of the funding from the third wave of the Canadian contribution will support:
- $75 million to support the Catalyst Fund, managed by the International Finance Corporation. The Fund will invest in venture capital and private equity in developing countries, with a focus on sectors such as renewable energy, energy efficiency, water, agriculture, and forestry.
- $76 million to the Asian Development Bank to establish a Canadian Climate Fund for the private sector in Asia. The Fund will encourage private investment in climate change projects in 33 low and lower-middle income countries and small island states within Asia. These funds will be invested in projects related to renewable energy, energy efficiency, sustainable transportation and infrastructure, and climate resilience.
- $16.5 million to the United Nations Development Programme for adaptation projects in least developed countries.
The investment is part of Canada’s fast-start financing commitment under the Copenhagen Accord to provide $1.2 billion in new and additional financing to support climate change action in developing countries.
Canada is also making progress on its domestic, sector-by-sector approach to reducing greenhouse gases. Canada is halfway there in its national effort to meet its Copenhagen target. The combined efforts to date of federal, provincial and territorial governments, of consumers, and of businesses will generate half the greenhouse gas reductions required to meet Canada’s greenhouse gas target for 2020.