The Government of Canada’s Minister of Finance Jim Flaherty announced that Canada’s C$75 million commitment to the Catalyst Fund, managed by the World Bank Group’s International Finance Corp. (IFC), has helped attract other investors, including private investors. The IFC’s Catalyst Fund, launched in December 2012, is a private equity fund of funds focused on providing growth capital for companies delivering resource efficiency and low-emission products and services in emerging markets. To date, the fund of funds has raised a total of US$280 million.
Ottawa, January 25, 2013
Canadian Contribution to Climate Change Fund Helps Attract Significant Private Sector Investment
Today at the World Economic Forum, the Honourable Jim Flaherty, Minister of Finance, announced that Canada’s $75-million investment in the Catalyst Fund, managed by the World Bank Group’s International Finance Corporation, has helped encourage other investors to contribute significantly to the Fund since its launch in December 2012, with total contributions now at US$280 million.
“The private sector plays an important role in addressing environmental and economic challenges,” said Minister Flaherty. “The purpose of this Fund is to demonstrate that climate change investment can be done collaboratively and to encourage further investment by the private sector.”
The Catalyst Fund is an innovative public-private partnership that attracts private capital to help address climate change and boost long-term, sustainable economic growth. The Fund will invest in private equity funds in developing countries, with a focus on renewable energy, energy efficiency, water, agriculture and forestry.
Canada’s $75-million investment is part of the Government’s fast-start financing commitment under the Copenhagen Accord to provide $1.2 billion in new and additional financing to support climate change action in developing countries.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
Photo courtesy of Shutterstock.
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