Project profile — Canadian Climate Fund for the Private Sector in Asia - II



Overview 

CA-3-D003984001
$200,000,000
Asian Development Bank (46004)
2017-03-27 - 2044-09-27
Operational
Global Affairs Canada
MFM Global Issues & Dev.Branch

Country / region 

• Asia, regional (94.74%)
• Oceania, regional (5.26%)

Sector 

• Water And Sanitation: Water supply - large systems (14021) (5.54%)
• Energy generation, renewable sources - multiple technologies:
Energy generation, renewable sources - multiple technologies (23210) (14.85%)
Hydro-electric power plants (23220) (5.54%)
Solar energy (23230) (22.58%)
Wind energy (23240) (20.00%)
Geothermal energy (23260) (14.85%)
Biofuel-fired power plants (23270) (14.85%)
• Banking And Financial Services: Formal sector financial intermediaries (24030) (1.79%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (principal objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (principal objective)
• Climate Change Adaptation (significant objective)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• ICT as a tool for development (not targeted)

Description 

This initiative is the second phase of the Canadian Climate Fund for the Private Sector in Asia. It aims to catalyze greater private sector investment in climate change mitigation and adaption projects in low and lower middle income Asian and Pacific countries and upper middle income small island developing states in the region. The Fund provides concessional financing alongside Asian Development Bank resources, to private sector projects that require more generous terms to be viable. The Fund invests in private sector led activities that support countries’ efforts to pursue a low-carbon and climate-resilient development path for the region. This includes activities related to water supply and management, agriculture and forestry, land use management, natural resource management, resilient infrastructure, coastal protection, disaster risk management, clean and renewable energy, sustainable transport, and waste management. Projects supported by the Fund also contribute to increased gender-responsive economic development in eligible countries, and integrate gender equality outputs. Over the life of the Fund, Canada's contribution is expected to leverage up to two times its amount in private sector investment, help reduce or avoid greenhouse gas emissions of up to 20 million tonnes, and support up to 100,000 beneficiaries to adapt to the effects of climate change.

Expected results 

The expected outcomes for this project include: (1) reduced use and production of carbon by firms and individuals in project countries; (2) increased adoption of climate-resilient and adaptive practices by key stakeholders in project countries; and (3) enhanced economic participation of women in climate mitigation and adaptation activities.

Results achieved 

Results achieved as of December 2022 include: (1) allocated US$109 million in concessional loans across 9 different private sector led projects that advance sustainable and inclusive low-carbon and climate-resilient pathways in developing Indo-Pacific countries; (2) estimated 33.3 million tonnes of greenhouse gas emissions reduction over the lifetime of the fund, equivalent to removing about 7.4 million cars off the road each year; (3) generated over 3,600 gigawatts of renewable energy each year through solar, wind, hydropower, or geothermal energy sources; (4) installed over 1,180 megawatts of renewable energy; and (5) increased gender equality and women’s empowerment in 90% of all funded projects. This is through initiatives such as job creation, technical internships, gender-inclusive procurement, gender-responsive workplace policies (e.g., anti-sexual exploitation, abuse and harassment policies), and support for women’s entrepreneurship.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Reimbursable grant
Collaboration type Bilateral
Type of aid Contributions to specific-purpose programmes and funds managed by implementing partners
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