Federal Environment Minister Peter Kent has outlined the latest round of Canada’s funding to help poor countries deal with climate change.
Mr. Kent said in a statement from a United Nations climate change conference in Doha, Qatar, that the measures are part of a “fast-start” financing commitment, which is due to expire.
The minister says $75-million goes to a fund administered by the International Finance Corporation that will invest in venture capital and private equity in developing countries.
Another $76-million is earmarked for the Asian Development Bank to establish a Canadian Climate Fund for private sector projects in Asia, and $16.5-million goes to the United Nations Development Program for adaptation projects in least developed countries.
Canada committed $400-million a year over three years to the fast-track program, and Oxfam has expressed disappointment that more was not going to the adaptation projects. It says only 10 per cent of Canada’s funding has been targeted there.
Oxfam has said the poorest of poor countries have very low emissions but bear the brunt of extreme weather events increasingly caused by global warming.
The fast-track program was meant to kick-start a $100-billion-a-year promise from rich countries – including Canada – to help poor countries deal with climate change.
But the larger fund has remained empty and Mr. Kent said heading to Doha that he did not expect the conference to change that.