Belem, 13 November (Argus) — Canada will provide nearly C$400mn to efforts to reduce emissions in developing countries, the country’s government said today.
The country on Thursday announced a total investment of C$392mn ($279.7mn) to support new and enhanced climate adaptation measures, sustainable agriculture and other greenhouse gas (GHG) emissions-reduction projects. The government announced the funding during the UN Cop 30 climate summit in Belem, Brazil.
The majority of the total, at C$263mn, is for the International Fund for Agricultural Development to implement its Climate Resilient Smallholder Program. The program aims to help small-scale farmers in developing countries with climate resilience and adaptation efforts, while also expanding market access.
In addition, C$106mn will go to Canadian Investment firm Deetken Asset Management to launch the Climate Action Fund, which will provide financing to small- and medium-sized business and financial institutions in Latin America and the Caribbean to support mitigation — cutting emissions — and adaptation projects, such as clean energy, sustainable forestry and climate-smart agriculture.
The government will provide C$15mn to French sustainable investment firm Mirova for its Sustainable Land Fund 2. The fund aims to mobilize private capital to support environmentally responsible land-use practices.
Canada also announced C$8mn for CGIAR, a public agricultural research network to help 38mn small-scale producers adapt to climate change and reduce emissions.
By Michael Ball
