DOHA, Qatar, Dec. 7, 2012 /CNW/ - Today, the Honourable Peter Kent,
Canada's Environment Minister, announced a number of key initiatives to
support climate change adaptation and mitigation efforts in developing
"Canada continues to deliver on its commitment to support developing
countries in their efforts to address climate change," said Minister
Kent. "Canadian fast-start financing is providing concrete help for
some of the most vulnerable countries and is reducing greenhouse gas
emissions through investments in climate-friendly growth."
Some of the funding from the third wave of the Canadian contribution
- $75 million to support the Catalyst Fund, managed by the International
Finance Corporation. The Fund will invest in venture capital and
private equity in developing countries, with a focus on sectors such as
renewable energy, energy efficiency, water, agriculture, and forestry.
- $76 million to the Asian Development Bank to establish a Canadian
Climate Fund for the private sector in Asia. The Fund will encourage
private investment in climate change projects in 33 low and
lower-middle income countries and small island states within Asia.
These funds will be invested in projects related to renewable energy,
energy efficiency, sustainable transportation and infrastructure, and
- $16.5 million to the United Nations Development Programme for adaptation
projects in least developed countries.
The investment is part of Canada's fast-start financing commitment under
the Copenhagen Accord to provide $1.2 billion in new and additional
financing to support climate change action in developing countries.
Canada is also making progress on its domestic, sector-by-sector
approach to reducing greenhouse gases. Canada is halfway there in its
national effort to meet its Copenhagen target. The combined efforts to
date of federal, provincial and territorial governments, of consumers,
and of businesses will generate half the greenhouse gas reductions
required to meet Canada's greenhouse gas target for 2020.
Canada's Fast-Start Financing
SOURCE: Environment Canada