Canada backs Climate Finance Access Network for developing economies


The prime minister of Canada, Justin Trudeau, has announced CA$9.5 million in funding to support developing nations to implement programmes designed to combat climate change.

The funding has been issued to the Climate Finance Access Network, a programme designed and administered by the Rocky Mountain Institute (RMI) to unlock climate finance for vulnerable and least developed economies.

Prime Minister Trudeau, said: “We recognise that there is a lot of global capital out there dedicated to fighting climate change, but getting that capital to where it’s most needed is where we can step up.”

The Climate Finance Access Network (CFAN) will cultivate a network of highly trained, embedded climate finance advisors who will spend one to two years working directly in some 50 developing countries on the front lines of climate change.

Small islands states, least developed economies and African nations are the most targeted to help them accelerate investments in climate resilience and build energy-secure, clean economies.

Caroline Ott, Principal at RMI, adds: “The goal of CFAN is to put developing countries in the driver’s seat on climate finance—giving them the dedicated capacity to navigate a complicated system to secure the right kind of funding for their own national priorities.”

Related articles:
New alliance targets startups for global decarbonisation and energy reform
EU to mobilise €30bn to help members affected by the energy transition

RMI worked with the African Adaptation Initiative, Low Emissions Development Strategies Global Partnership, Global Green Growth Institute, and the NDC Partnership to establish the CFAN.

Ambassador Seyni Nafo, a coordinator of the African Adaptation Initiative, said: “Across Africa, we are seeing unanimous demand for climate finance advisors.”

Pablo Vieira, global director of the NDC Partnership Support Unit., said: “Our assessment of national priorities confirms an urgent need for climate finance advisory support to respond to current challenges and longstanding climate and development goals.

“The NDC Partnership welcomes greater support for CFAN. This will expand the caliber of in-country climate finance capacity available to developing countries and complements our plan to empower countries to act more efficiently and effectively with the deployment of 30 advisors in the near term.”