At the 30th United Nations Climate Change Conference (COP30), held at Belem, Brazil, the Minister of Environment & Climate Change, the Honourable Julie Dabrusin, announced a total investment of $392 million for international climate action projects. This outlay advanced Canada’s commitment to global climate leadership & includes locally led climate solutions.
Climate change is rapidly threatening food security, disrupting supply chains and putting pressure on global communities, including Canada.
Addressing this issue not only becomes a moral obligation but also an economic imperative. Projects funded by international climate finance reduce the costs of climate change, so promotes economic growth & security. This is so whilst supporting those most vulnerable to the impacts of climate change.
- The $392 million outlay fund Canada announced is to support new & enhanced climate adaptation measures, reduce greenhouse gas emissions, besides advance sustainable management initiatives. This is in partnership with both Canadian & international organisations, so includes:
- $263 million with the International Fund for Agricultural Development (IFAD) is earmarked to implement the Climate Resilient Smallholder Program. This initiative will strengthen smaller farmers’ resilience & adaptive capacity in developing countries. It’s also envisaged to witness increasing productivity, expanding market access, besides supporting sustainable livelihoods of the most vulnerable rural communities.
- $106 million with Deetken Asset Management, a Canadian investment firm is to launch the inclusive Climate Action Fund. This fund will provide financing to small & medium-sized enterprises & financial institutions in Latin America & the Caribbean to advance climate mitigation & adaptation projects. This includes funding for clean energy, sustainable forestry, green & inclusive finance, besides climate-smart agriculture.
- $15 million in partnership with Mirova to support investment in sustainable land management across emerging markets. This contribution to the Sustainable Land Fund 2 (SLF 2) will mobilise private sector capital & promote climate-resilient, environmentally responsible land-use practices.
- $8 million with CGIAR, the world’s largest public agricultural research network, is to help 38 million small-scale producers adapt to climate change & reduce emissions. This program is expected to strengthen global food, land & water systems to make them more resilient, low-carbon & equitable whilst supporting locally led adaptation & climate-smart innovation.
