Project profile — Canadian Climate Fund for the Private Sector in the Americas
Overview
Overview
| CA-3-M013705001 | |
| $250,000,000 | |
| IDB - Inter-American Development Bank (XM-DAC-46012) | |
| 2012-03-30 - 2037-03-31 | |
| Operational |
Country / region
• South America, regional (48.00%)• West Indies, regional (20.00%)
• North and Central America, regional (32.00%)
Sector
• Water And SanitationWater resources conservation (including data collection) (14015) (10.00%)
• Energy Generation, Renewable Resources
Energy generation, renewable sources - multiple technologies (23210) (10.00%)
• Energy Generation, Renewable Resources
Solar energy (23230) (10.00%)
• Energy Generation, Renewable Resources
Wind energy (23240) (10.00%)
• Energy Generation, Renewable Resources
Geothermal energy (23260) (10.00%)
• Energy Generation, Renewable Resources
Biofuel-fired power plants (23270) (10.00%)
• General Environmental Protection
Biosphere protection (41020) (20.00%)
• General Environmental Protection
Bio-diversity (41030) (10.00%)
• General Environmental Protection
Flood prevention/control (41050) (10.00%)
Policy marker
• Indigenous Issues (not targeted)• Desertification (not targeted)
• Children's issues (not targeted)
• Environmental sustainability (cross-cutting) (principal objective)
• Nutrition (not targeted)
• Biodiversity (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Participatory development and good governance (not targeted)
• Climate change mitigation (principal objective)
• Trade development (not targeted)
• Urban issues (not targeted)
• Youth Issues (not targeted)
• ICT as a tool for development (not targeted)
• Disability (not targeted)
• Climate Change Adaptation (principal objective)
• Gender equality (significant objective)
Description and results
Description
This initiative aims to support projects across Latin America and the Caribbean that are focused on renewable energy, energy efficiency, reducing greenhouse gas emissions, and that help countries to adapt to the adverse impacts of climate change. The Canadian Climate Fund for the Private Sector in the Americas (the Fund) aims to play a key role in overcoming leading edge technology risks and cost hurdles in order to spark and scale-up projects to reduce emissions and adapt to climate change. Clean energy is a key focus of the Fund, and projects supported by the Fund may include wind, solar, geothermal and hydro projects. In addition, the Fund may also support agriculture, forestry and adaptation measures such as reforestation, soil sequestration and climate resilient infrastructure. The Fund, managed by the Inter-American Development Bank (IDB), catalyzes private sector climate mitigation and adaptation projects that require loans with concessionary terms to be viable. The Fund may provide up to half of its financing in repayable contributions offered in the local currency, rather than US dollars, to encourage local companies to invest by protecting them from unexpected borrowing costs that might result from fluctuations in the US dollar. The IDB, the Inter-American Investment Corporation and/or the Multilateral Investment Fund co-finance Fund projects. Canada's contribution to the Fund is expected to leverage up to US $5 billion in private sector investment and help to reduce greenhouse gas emissions by up to 50 million tonnes over the Fund's 25-year life.
Expected results
The expected intermediate outcomes for this project include: reduction in the growth of greenhouse gas emissions and/or enhanced carbon sequestration due to sinks, avoided deforestation, or adjusted agricultural practices; and reduced vulnerability to the adverse effects of climate change.
Results achieved
Results achieved as of October 2014 include: approval of five mitigation projects in Chile, Peru, and Uruguay as well as one regional supply chain facility supporting adaptation in agriculture project; and, USD 689.8 million of expected leveraged financing. Projects already under way include: a higher education project at the Universidad San Ignacio de Loyola in Peru; and a solar power plant in Pozo Almonte, Chile. In Peru, the project at the Universidad San Ignacio de Loyola has led to the construction of the first Leadership in Energy and Environmental Design (LEED) design certified building in higher education; an estimated reduction of 600,00 tons of CO2 per year; 35% projected water savings; 12% to 20% projected energy savings across all buildings; and USD 77.20 million of direct finance leveraged. In Chile, construction of the photovoltaic plants is 100% complete and the grid was connected in March 2014. Since it has been in operation the Pozo Almonte’s solar power plant has achieved reduction of 8,118 tons of CO2; the production of 10,000 megawatts hour of renewable energy; and USD 63.6 million of direct finance leveraged.
Financials
Financials
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Related information
Related information
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Related links • Partner website — IDB - Inter-American Development Bank |
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| Global Affairs Canada | |
| MFM Global Issues & Dev.Branch | |
| Reimbursable grant | |
| Bilateral | |
| Contributions to specific-purpose programmes and funds managed by implementing partners |
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Marker
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