Canada’s Environment Minister Catherine McKenna announced her government’s funding commitment to support renewable energy and sustainable development in the Americas at the Ministerial on Climate Action in Brussels, Belgium.
Canada’s funding commitment of $223.5 million will go to the Canadian Climate Fund for the Private Sector in the Americas (C2F).
This financing is expected to catalyse further investments from the private sector of over $1 billion. This funding will go towards “renewable energy, sustainable agriculture, forestry” and more, to help significantly decrease greenhouse gas emissions. The necessity of supporting more vulnerable people in the region and ensuring support for women and young girls to adapt to climate change was emphasised.
This project is part of the climate finance goals of donor countries to mobilize $100 billion each year by 2020 to meet the Paris Climate Agreement targets.
“We are committed to fighting climate change and investing in clean growth at home while supporting ambitious action to reduce pollution and build climate-resilient economies abroad,” said Minister McKenna in a statement. She highlighted the importance of climate finance for meeting the targets set at the Paris Climate Agreement.