Project profile — Canadian Climate Fund for the Private Sector in the Americas

• West Indies, regional (20.00%)
• North and Central America, regional (32.00%)
• South America, regional (48.00%)

• Water And Sanitation: Water resources conservation (including data collection) (14015) (10.00%)
• Energy generation, renewable sources - multiple technologies:
Energy generation, renewable sources - multiple technologies (23210) (10.00%)
Solar energy (23230) (10.00%)
Wind energy (23240) (10.00%)
Geothermal energy (23260) (10.00%)
Biofuel-fired power plants (23270) (10.00%)
• Biosphere protection:
Biosphere protection (41020) (20.00%)
Bio-diversity (41030) (10.00%)
Flood prevention/control (41050) (10.00%)

• 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 (principal objective)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

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 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.

The expected outcome of this project includes: reduction in the growth of greenhouse gas emissions and enhanced carbon sequestration due to sinks, avoided deforestation, adjusted agricultural practices; and reduced vulnerability to the adverse effects of climate change.

Results achieved as of December 2023 include: (1) approved 23 climate change mitigation projects in various countries preventing 6.8 million tonnes of greenhouse gas emissions. These countries include Argentina, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Panama, Peru, and Uruguay; (2) generated 13.7 million megawatts of clean electrical power; and (3) created a performance-based incentive program to encourage the private sector to create an inclusive corporate culture. The program provides employment opportunities for women in the science, technology, engineering and mathematics (STEM) fields, where women are traditionally under-represented.

• Proactive disclosure