Grants and Contributions:
Title:
Canadian climate and nature fund for the private sector in Asia
Agreement Number:
7456527 P012801001
Agreement Value:
$350,000,000.00
Agreement Date:
Mar 12, 2024 - Mar 13, 2053
Description:
The Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) is a partnership between the Government of Canada and the Asian Development Bank (ADB). It aims to support Indo-Pacific developing countries transition to inclusive, low carbon and climate-resilient economies by using blended finance to mobilize private sector investments in climate mitigation and adaptation projects as well as nature-based solutions that advance gender equality in the region. CANPA will provide financing on concessional terms from Canada, alongside ADB resources, to mitigate risks that prevent the private sector from investing in these types of projects. Key sectors for CANPA activities include renewable energy, electric power transmission and distribution, electric mobility and infrastructure, and water supply management. For nature-based solutions projects, primary focus areas include sustainable and climate-smart agriculture, aquaculture, habitat restoration and protection. CANPA builds on Canada’s existing climate funds with the ADB, Phase I and II of the Canadian Climate Fund for the Private Sector in Asia established in 2013 and 2017. CANPA is supported by a Technical Assistance facility to support the preparation and implementation of eligible projects for CANPA concessional financing and to improve market conditions for private sector investments in gender-responsive climate and nature-based solutions. Over the life of the fund, CANPA is expected to mobilize up to 3 times its amount in private sector investment, help reduce and avoid greenhouse gas emissions of up to 40 million tonnes, and support up to 200,000 beneficiaries.
Organization:
Global Affairs Canada
Expected Results:
The expected outcomes of this project include: (1) increased use of renewable energy and low-carbon infrastructure solutions by businesses and individuals, especially women, for nature positive climate change mitigation in project countries; (2) enhanced management of natural capital and biodiversity by businesses and individuals, especially women, for nature positive climate change mitigation and adaptation in project countries; (3) increased quality jobs for women generated by businesses accessing CANPA climate financing; and (4) strengthened resilience of women and girls to climate-related shocks.
Location:
Manila, PH
Reference Number:
064-2024-2025-Q2-00729
Agreement Type:
Contribution
Report Type:
Grants and Contributions
Recipient Type:
Not-for-profit organization or charity
Additional Information:
Belated reporting
Recipient's Operating Name:
Asian Development Bank
Recipient's Legal Name:
ASIAN DEVELOPMENT BANK (AsDB)