Canada has revealed its plans of extending nearly $1.8 billion to developing countries in a bid to encourage clean innovation by involving the private-sector in the developing economies.
The move is a part of Canada’s overall commitment of $2.65 billion to help developing countries to fight and adapt to climate change and also to enable them to pollute less. 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.
The $1.8 billion funding was announced by Minister of Environment and Climate Change Catherine McKenna and and Marie-Claude Bibeau, Minister of International Development and La Francophonie. According to the agenda, the investment will see increased involvement of the private-sector towards research and development of clean technology, climate-smart agriculture, sustainable forestry, and climate-resilient infrastructure.
According to plans, Canada’s bilateral support will focus, in particular, on empowering women and girls, and it will align with our commitment to support the United Nations Sustainable Development Goals.
Government of Canada has said that the pledged amount will be delivering through a range of trusted partners, including multilateral development banks, with demonstrated expertise in innovative finance solutions to address climate change. 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.
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.