The Government of Canada to invest nearly $1.8 billion to spur clean innovation in developing countries.
The investment will be aimed at mobilizing private-sector support to boost clean innovation in developing countries.
The funding is part of Canada’s $2.65bn pledge to help countries and communities around the world to reduce pollution and equip them to resist the effects of climate change.
Canada Minister of Environment and Climate Change Catherine McKenna said: “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.
“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.”
The funding will leverage private-sector investments in areas such as clean technology, climate-smart agriculture, sustainable forestry, and climate-resilient infrastructure.
The funding will be offered through a range of partners, including multilateral development banks, with demonstrated expertise in innovative finance solutions to address climate change.
Canada has also announced investments in bilateral programming to assist developing countries in reducing greenhouse gas emissions and adapting to the impacts of climate change.
According to the World Bank, the Paris Agreement will help in creating nearly $23 trillion in new opportunities for climate-smart investments in emerging markets, between now and 2030.
In December last year, Canada announced its contribution of CAD$150m to the G7 African Renewable Energy Initiative to support renewable energy in Africa.