Canada pours USD 188m to help IFC drive private climate investment

Canadian currency. Author: KMR Photography.

June 29 (Renewables Now) - The Canadian government is contributing CAD 250 million (USD 188.3m/EUR 162.4m) towards a programme with the International Finance Corporation (IFC) aimed at unlocking private climate investment in emerging markets.

The IFC said today the funds under the Canada-IFC Blended Climate Finance Program will be used to mitigate risks hampering private investment in areas such as climate-smart agriculture, renewable energy and resilient infrastructure.

In January, Canada and World Bank Group member IFC agreed a similar partnership but for renewable energy in Sub-Saharan Africa. In both cases the idea is to use a limited amount of public funds to drive significant volumes of private investments.

“Using blended finance in a smart and strategic way can mobilize significant private capital to tackle climate change in countries where technologies or business models are untested,” Philippe Le Houérou, chief executive of IFC.

(CAD 1 = USD 0.75/EUR 0.65)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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