IDB Invest, a member of the Inter-American Development Bank (IDB) Group, announces the participation of the Canadian government in the second phase of the Canadian Climate Fund for the Private Sector of the Americas (C2F).
Developing countries are disproportionately affected by climate change, with women and girls often most impacted by its destabilizing effects. Canada is committed to helping the most at-risk communities build resilience to the harmful effects of a changing climate and invest in low-carbon futures.
Today, the Honourable Catherine McKenna, Minister of Environment and Climate Change, on behalf of the Honourable Maryam Monsef, Minister of International Development and Minister of Women and Gender Equality, announced a CAD223.5-million initiative that will help countries in Latin America and the Caribbean adapt to and mitigate against the effects of climate change. Minister McKenna made the announcement at the third Ministerial on Climate Action, co-hosted by Canada, China and the European Union on June 28th, in Brussels, Belgium.
“The IDB Group and Canada have a solid track record of climate action,” said James P. Scriven, IDB Invest’s Chief Executive Officer. “The projects in which C2F has invested have abated more than 740,000 tonnes of CO2 annually through 24 projects and have prioritized the empowerment of women and girls in the region. With C2F Phase II, we will continue to catalyze private capital towards low carbon and climate resilient investments with a gender inclusive perspective.”
“This initiative will leverage the kind of private sector investments that will be critical to helping developing countries build climate-resilient economies,” said Minister McKenna. By including women and girls, Canada is ensuring that all are considered and empowered in the climate actions and solutions that will help countries deliver on the ambition of the Paris Agreement.”
This initiative, in partnership with the Inter-American Development Bank (IDB) and IDB Invest, is the second phase of the Canadian Climate Fund for the Private Sector in the Americas (C2F) project. It is expected to leverage up to $1 billion in private sector investments in sectors such as renewable energy, sustainable agriculture and forestry to help the most vulnerable in the region, especially women and girls, better prepare for and adapt to climate change. The initiative is also expected to reduce greenhouse gas emissions by 25 million tonnes.
This initiative supports the collective finance goal of donor countries to mobilize $100 billion per year by 2020 from a variety of public and private financial sources to help achieve the shared goals of the Paris Agreement.
About IDB Invest
, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a portfolio of assets of $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the needs of its clients
About the Canadian Climate Fund for the Private Sector in the Americas (C2F)
The Canadian Climate Fund (C2F), administered by IDB Invest, member of the IDB Group, is a co-financing fund that invests in climate-friendly private sector projects in Latin America and the Caribbean. In its second phase, the $175 million fund seeks to invest in projects that enable environmentally sustainable technologies and practices in all sectors, with a special focus on the empowerment of women and vulnerable groups.