EBRD Welcomes Canada’s Inclusion in HIPCA Partnership for Climate Action

EBRD Welcomes Canada’s Inclusion in HIPCA Partnership for Climate Action

(IN BRIEF) Canada has joined the European Bank for Reconstruction and Development (EBRD)’s High-Impact Partnership for Climate Action (HIPCA), strengthening its support for climate action. HIPCA, launched at COP26 in 2021, focuses on combating climate change and environmental degradation through investments and solutions that reduce greenhouse gas emissions, enhance resilience, and protect the environment. Canada joins Austria, Finland, the Netherlands, Switzerland, Spain, the TaiwanICDF, and the United Kingdom as contributors to the partnership. HIPCA has already supported over 35 projects in sectors like energy, finance, and transportation. Canada’s commitment to climate finance builds on its existing efforts to address climate change in developing countries.

(PRESS RELEASE) LONDON, 24-May-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, is pleased to announce that Canada has joined its High-Impact Partnership for Climate Action (HIPCA), further bolstering support for climate action.

Launched during COP26 in Glasgow in 2021, HIPCA represents the EBRD’s first multi-donor partnership dedicated to addressing climate change and environmental degradation. Leveraging the Bank’s unique business model, which combines financing, policy engagement, and technical assistance, HIPCA serves as a crucial conduit to create favorable market conditions, mobilize co-financing, and attract private sector involvement.

HIPCA’s primary objectives are centered around unlocking investments and solutions that effectively reduce greenhouse gas emissions, enhance resilience, mitigate vulnerability to climate change, and protect the environment.

Canada now joins Austria, Finland, the Netherlands, Switzerland, Spain, the TaiwanICDF, and the United Kingdom as key contributors to this partnership. Since its launch, HIPCA has successfully supported over 35 projects across various sectors, including energy, financial institutions, and transport.

Canada’s commitment to climate finance from 2021 to 2026 builds upon its longstanding dedication to climate action in developing countries. By joining the HIPCA partnership, Canada reaffirms its strong support for addressing climate change challenges on a global scale, aligning with the EBRD’s mission to promote sustainable development and environmental stewardship.

The EBRD warmly welcomes Canada to the HIPCA partnership, recognizing its crucial role in advancing climate action, driving innovation, and delivering transformative projects that create lasting positive impacts for both the environment and communities worldwide.

EBRD President Odile Renaud-Basso said: “We are very grateful for this important contribution, and we welcome Canada to our High-Impact Partnership on Climate Action. The EBRD has set itself the ambitious target of achieving a green finance ratio of more than 50 per cent of our annual investment by 2025 and is fully aligning its activities with the goals of the Paris Agreement. Multi-donor partnerships, such as this one, play a critical role in achieving these targets and accelerating the green agenda.”

EBRD’s Director for Canada, Morocco, Tunisia and Jordan Sarah Fountain Smith said: “Canada’s international climate finance commitment over the period 2021-2026 builds on our long-time support for climate action in developing countries. A significant portion of this financing is implemented by multilateral development banks, such as the EBRD, which is pivotal to delivering on the collective US$ 100 billion climate finance commitment pledged by advanced economies. Through this contribution to the HIPCA, Canada is pleased to partner with the EBRD to help ensure our collective green future, and provide effective, accessible funding to those who need it most.”

Media contact:

Tel: +44 207 338 7805
Email: press@ebrd.com

SOURCE: EBRD