The Government of Canada to invest nearly $1.8 billion to spur clean innovation in developing countries

MARRAKECH, Morocco, Nov. 16, 2016 /CNW Telbec/ - Today, the Honourable Catherine McKenna, Minister of Environment and Climate Change, and the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, announced that 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 historic $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. 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.

Quotes

"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 Honourable Catherine McKenna, Minister of Environment and Climate Change

"In supporting a wide range of partners and programs, Canada is ensuring that the world's poorest and most vulnerable have access to the right tools and opportunities to make a difference. With this investment, Canada is not only helping developing countries transition to low-carbon, climate-resilient economies, but we are also advocating for the empowerment of women and girls." 
– The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie

Quick facts

• 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 our commitment 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.

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SOURCE Environment and Climate Change Canada

Caitlin Workman, Press Secretary, Office of the Minister of Environment and Climate Change, 819-938-9436; Media Relations, Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll free)