Canada believes that investments in clean technology, agriculture, sustainable forestry and climate-resilient infrastructure can assist in green economic growth.
As part of Canada’s climate-change actions, Celina Caesar-Chavannes, Parliamentary Secretary to the Minister of International Development and La Francophonie, today announced an investment of $200 million to establish a second phase of the Canadian Climate Fund for the Private Sector in Asia. The Parliamentary Secretary made the announcement while meeting with Takehiko Nakao, President of the Asian Development Bank in Yokohama, Japan.
Administered by the Asian Development Bank, the fund will co-finance climate-friendly investments to help emission-reducing projects in the Asia-Pacific region. Established in 2013, phase one supported a number of climate projects, including, for example, the Sarulla Geothermal project in Indonesia. This clean-energy project is expected to reduce carbon by 1.3 million tonnes per year and create new jobs within the region.
Canada’s contribution for phase two of the fund will catalyze greater investment in climate change action in developing Asian and Pacific countries, including small-island developing states who are among the most impacted by climate change. Canada’s investment will create jobs and advance low-carbon, women-focused projects to support development in the region. Phase two will also engage the private sector in a broader range of adaptation efforts and support projects in the Asian Development Bank’s low- and lower-middle-income member countries.