Canada commits $253M to new climate fund

Wind turbines in Costa Rica. Canada has committed 250 million Canadian dollars to new climate fund that will be managed by the Inter-American Development Bank. Photo by: David Mangurian / IDB

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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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.