Nov 01, 2021
Canada has just announced that it will make an up to $1 billion commitment to coal transition and will work closely with the Climate Investment Funds’ (CIF) to help support its Accelerating Coal Transition (ACT) Program. Prime Minister Trudeau’s statement represents a significant expansion of the country’s 12-year partnership with CIF and demonstrates Canada’s continued leadership in climate finance.
CIF’s newly created ACT program is a first-ever effort to advance a just transition from coal power to clean energy in emerging economies. Coal is the single-largest source of global temperature rise and still occupies 44% the power grid in the developing world. With developing economies on track to consume 70% of the world’s energy supply, there is an immediate need to support and aid these countries as they work towards net zero emissions.
CIF CEO Mafalda Duarte has long advocated for climate action that shifts whole systems, markets, policymaking, and behaviors at speed and scale while ensuring social justice and inclusion needs. CIF funding and programs have shown that targeted climate finance can spur green investment at an accelerated pace with true potential to rein in impacts of the climate crisis, while still creating jobs and spurring financial growth.
“The transition to clean energy is an enormous economic opportunity for developing countries. I look forward to working with Canada to further unlock this potential at scale, and champion the coal transition agenda through partnerships such as the Powering Past Coal Alliance,” says Duarte.
At a time when swift climate action is critically important, CIF’s new clean energy programs are providing timely, large-scale solutions for developing countries looking to transition away from coal power.
On Thursday, November 4 at 3:00pm GMT, CIF is hosting an event to showcase their two new clean energy transition programs, Accelerating Coal Transition (ACT) and Renewable Energy Integration (REI). Livestream the event.
Learn more: Prime Minister Trudeau announces enhanced and ambitious climate action to cut pollution at the COP26 summit
