December 12, 2017 – Paris, France - At the One Planet Summit in Paris today, Canada and the World Bank Group announced a partnership to support effective climate action in developing countries in support of the Paris Agreement.
Canada and the World Bank Group will support the acceleration of developing countries’ transition away from traditional coal-fired electricity toward clean energy to power their fast-growing economies. We will also support small island developing states in expanding their renewable energy infrastructure, helping to put them on a more sustainable pathway that is less polluting and ensures greater energy access.
This work also includes sharing best practices on how to ensure a just transition for displaced workers and their communities to minimize hardships and help workers and communities benefit from new clean growth opportunities. The transition to a low-carbon economy should be inclusive, progressive and good for business. We will work together with the International Trade Union Confederation in this regard.
This effort builds upon a strong and successful partnership between Canada and the World Bank Group over many years on climate action, including through the Climate Investment Funds and the International Finance Corporation’s Canada Climate Change Program.
This partnership reflects the broader commitment of the World Bank Group and Canada to support the transition to low-carbon and climate resilient economies, and to catalyze inclusive growth and job creation.
As one of the largest financers for renewable energy and energy efficiency for developing countries, the World Bank Group is playing a key role in facilitating the energy transition through lending, support to emerging clean energy sectors, and by working with governments to strengthen energy institutions, develop legal frameworks, and improve policies. Together with the United Nations, the Bank Group recently launched the Invest4Climate platform to mobilize additional finance for climate action, including for the energy transition.
“Phasing out coal power is the right choice for Canada, and I’m very pleased that we can also support developing countries in their transition to cleaner power. We can’t forget workers and coal communities as we make this transition, and our new collaboration with the World Bank and the International Trade Union Confederation will provide analysis of best practices to Canada and others.”
– Catherine McKenna, Minister of Environment and Climate Change
“Developing countries are facing every single day the destabilizing effects of climate change, with women and children facing disproportionate challenges. That is why Canada is committed to help empower the most at-risk communities to better adapt and mitigate the harmful impacts of a changing climate.”
– Marie-Claude Bibeau, Minister of International Development and La Francophonie
“The Paris goals will be out of reach unless we can move quickly to help fast-growing economies shift towards cleaner energy sources. We are committed to working closely with Canada and other partners to accelerate this transition.”
– President Jim Yong Kim, President of World Bank Group
“The energy transition from fossil fuels to renewables is urgent, but working families and their communities must have hope for a just transition that brings secure jobs and thriving communities.”
– Sharan Burrow, General Secretary, International Trade Union Confederation
- Canada is providing $2.65 billion in climate finance to developing countries by 2020-21, with a particular focus on the poorest and most vulnerable.
- In FY17 alone, the WBG committed $12.8 billion to over 200 climate-related projects. It has increased the share of climate co-benefits in its lending to 22 percent, getting closer to its target of 28 percent by 2020.