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Manila, Philippines – The Asian Development Bank (ADB) and the Government of Canada announced a new CAD$360 million (USD$255 million) trust fund to support climate action in Asia and the Pacific.
The Canada Climate and Nature Fund for Asia (CANPA) will focus on private sector projects that promote climate-friendly solutions and nature conservation while advancing gender equality. Canada will provide $350 million for project investments and $10 million for technical assistance.
“This fund builds on our decade-long partnership with Canada to help mobilize private capital for climate action in Asia and the Pacific,” said Bhargav Dasgupta, ADB’s Vice President for Market Solutions. “CANPA will accelerate the region’s transition to a low-carbon and climate-resilient future, with a special focus on empowering women and girls, by reducing financing risks and making projects more attractive to investors.”
ADB will manage CANPA on behalf of Canada. The fund aims to help private companies reduce greenhouse gas emissions, move away from carbon-intensive operations, and increase resilience to climate change. It will also promote “nature-based solutions” such as sustainable agriculture and aquaculture to protect and restore ecosystems.
The Asia-Pacific region is particularly vulnerable to the impacts of climate change, facing threats such as extreme weather events, prolonged droughts and floods. More than 60% of the region’s population works in climate-sensitive industries.
CANPA will leverage ADB’s expertise in private sector investments and build on the success of previous initiatives such as the Canada Climate Fund for the Asian Private Sector (CFPS), launched in 2013, and CFPS II, launched in 2017.
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