The government of Canada joins World Bank initiative and invests $3M to support emission reductions in developing countries

MARRAKECH, Morocco, Nov. 17, 2016 /CNW/ - Climate change is a global challenge that requires a global solution. Canada is committed to strong action on climate change and is working with its international partners to reduce greenhouse gas emissions.

Today, the Honourable Catherine McKenna, Minister of Environment and Climate Change, announced that Canada will join the World Bank's Transformative Carbon Asset Facility, and will contribute $3 million. This initiative helps developing countries find new ways to reduce their emissions and to collaborate with partners on clean-energy projects like geothermal, hydro, solar and wind power, as well as on market systems like pricing pollution.

Canada will also invest in clean-energy projects and sustainable public transportation in developing countries, which will help to cut emissions and to create new jobs and opportunities for businesses.

Canada's action on climate change helps communities in Canada and around the world in tangible and meaningful ways such as improved air quality and increased access to economic opportunities. Addressing climate change is vital to our economy. Initiatives like this one, which use the markets and private-sector partnerships, not only reduce emissions but also foster innovation and sustainable economic growth.

Quotes

"Canada's leadership in climate-change action is fostering innovation and global clean growth. Initiatives like this one put market forces to work to help developing countries cut emissions and invest in a cleaner future for our children and grandchildren. Together, we are creating the right conditions for communities everywhere to access good jobs, while living in healthy environment."

– The Honourable Catherine McKenna, Minister of Environment and Climate Change

"People living in developing countries, especially women, are the most vulnerable to the impacts of climate change. Canada is committed to sharing its expertise and to finding innovative solutions through a truly collaborative approach with developing countries."

– The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie

"We welcome Canada's generous support for the Facility and applaud its leadership on climate action. We look forward to working with Canada and other partners to demonstrate the key role that carbon pricing and market instruments can play by scaling up this Facility, in the near future."

– Laura Tuck, Vice President, Sustainable Development, The World Bank

Quick facts

• The World Bank announced, in December 2015, this low-carbon partnership, at COP21 in Paris.
• Canada will join other Facility supporters, including Germany, Norway, Sweden, Switzerland, and the United Kingdom, by investing in low-carbon innovations, like geothermal energy projects, and by helping to create new ways to fund and support projects that cut greenhouse gas emissions in developing countries.
• The 2009 Copenhagen Accord committed the developed world to mobilize $100 billion per year to support green growth and climate resilience in developing countries. This commitment will create tremendous opportunities for business growth and innovation as companies invest in and market clean technology.
• According to the World Bank, the Paris Agreement will helpopen up nearly $23 trillion in new opportunities for climate-smart investments in emerging markets, between now and 2030.

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SOURCE Environment and Climate Change Canada

Caitlin Workman, Press Secretary, Office of the Minister of Environment and Climate Change, 819-938-9436; Media Relations, Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll free)