Canada invests in climate-change action in Asian and Pacific countries
May 5, 2017 - Ottawa, Ontario - Global Affairs Canada
Canada believes that investments in clean technology, agriculture, sustainable forestry and climate-resilient infrastructure can assist in green economic growth.
As part of Canada’s climate-change actions, Celina Caesar-Chavannes, Parliamentary Secretary to the Minister of International Development and La Francophonie, today announced an investment of $200 million to establish a second phase of the Canadian Climate Fund for the Private Sector in Asia. The Parliamentary Secretary made the announcement while meeting with Takehiko Nakao, President of the Asian Development Bank in Yokohama, Japan.
Administered by the Asian Development Bank, the fund will co-finance climate-friendly investments to help emission-reducing projects in the Asia-Pacific region. Established in 2013, phase one supported a number of climate projects, including, for example, the Sarulla Geothermal project in Indonesia. This clean-energy project is expected to reduce carbon by 1.3 million tonnes per year and create new jobs within the region.
Canada’s contribution for phase two of the fund will catalyze greater investment in climate change action in developing Asian and Pacific countries, including small-island developing states who are among the most impacted by climate change. Canada’s investment will create jobs and advance low-carbon, women-focused projects to support development in the region. Phase two will also engage the private sector in a broader range of adaptation efforts and support projects in the Asian Development Bank’s low- and lower-middle-income member countries.
“Canada is ensuring that its climate investments support clean economic growth, innovation and the participation of women. This investment will not only ensure that developing countries transition to low-carbon, climate-resilient economies, it will also provide vulnerable communities—in particular women and girls—with the right tools and opportunities to make a difference.”
- Celina Caesar-Chavannes, Parliamentary Secretary to the Minister of International Development and La Francophonie
“Just as we’re taking action to support and promote clean growth at home, contributions like this will support clean growth in Asian and Pacific countries. Canada’s contribution will create business opportunities for clean-tech companies to help these countries transition to cleaner, more-sustainable economies.”
- The Honourable Catherine McKenna, Minister of Environment and Climate Change
This funding is part of Canada’s historic $2.65-billion pledge to help countries and communities around the world pollute less and be better equipped to resist the effects of climate change.
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 adds 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 will align with our commitment to support the United Nations Sustainable Development Goals.
Canada’s current climate finance contribution includes funds for the private sector at the International Finance Corporation, Inter-American Investment Corporation and Asian Development Bank.
Canada is the seventh-largest shareholder of the Asian Development Bank, as well as one of its largest donor countries.
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