Canada to invest $1.8 billion in clean innovation worldwide
Digital Reporter
Sunday, November 20, 2016, 10:02 AM - The Canadian government recently announced plans to invest $1.8 billion to encourage environmentally sustainable innovation in developing countries.
The announcement came at the United Nations Climate Change Conference in Marrakesh, Morocco, earlier this month. The twenty-second session of the Conference of the Parties (COP 22) was largely based on discussing implementation of the Paris Agreement.
GREAT OUTDOORS TOOL KIT: Be prepared for spending time outdoors with The Weather Network's online essentials: WEATHER ALERTS | RADAR | HIGHWAY FORECAST | LATEST WEATHER NEWS | FOLLOW ON TWITTER
"The global economy is shifting inexorably towards a cleaner, more sustainable future," said Minister of Environment and Climate Change Catherine McKenna. "This shift comes with an opportunity to help some of our world’s most vulnerable populations. This investment will help communities in developing countries create sustainable green jobs and lessen their reliance on more polluting sources of energy, [a]nd it will spur innovation by creating new opportunities around the world for the clean-technology sector.”
Canada is one of the climate agreement's 191 signatories. The funding is aimed at harnessing private-sector investments in sustainable innovation and "green" technology.
"In supporting a wide range of partners and programs, Canada is ensuring that the world’s poorest and most vulnerable have access to the right tools and opportunities to make a difference" said Canada's Minister of International Development and La Francophonie Marie-Claude Bibeau. "With this investment, Canada is not only helping developing countries transition to low-carbon, climate-resilient economies, but we are also advocating for the empowerment of women and girls.”
DON'T MISS: The hidden side of Earth's rising temperatures & Canada's role in international food security.
The funding will be delivered through a variety of partnerships, including multilateral development banks that have demonstrated expertise in using financial solutions to address climate change.
The Paris Agreement will open up almost $23 million in new opportunities for climate-oriented investments between now and 2030, the World Bank reports.
