Canada is again engaging in another initiative to help developing countries reduce their greenhouse gas emissions and adapt to the adverse effects of climate change.
On Monday (April 30), Canada committed 250 million Canadian dollars ($253 million) to the Canadian Climate Fund for the Private Sector in the Americas. The fund, which will be managed by the Inter-American Development Bank, will mobilize private sector investment in cleaner technologies.
The fund is part of Canada’s 1.2 billion Canadian dollar commitment to fast-start financing under the Copenhagen Accord. It is expected to help reduce 50 million metric tons of greenhouse gas emissions in 25 years and will support projects that fall under Canada’s priority areas: adaptation, clean energy, forestry and agriculture.
In February, Canada launched the Canada Fund for Climate Resilience. The fund sought proposals for projects that will help improve food security and increase economic growth in 14 African countries. Deadline of entries was April 19.
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