FinDev Canada announced a USD 20 million commitment made to Climate Investor One’s (CIO) Construction Equity Fund to support the transition to renewable energy in emerging markets, helping avoid approximately 1.2 million tons of CO2 emissions.
CIO is an innovative blended finance initiative endorsed by the Lab in 2015 which is helping fast track some 1,100MW of renewable energy, benefiting 8 million people and mobilizing up to USD 3 billion in private capital.
In addition to the positive impact in climate change mitigation, the projects supported by CIO are expected to create over 25,000 temporary and permanent jobs, according to FinDev Canada estimations.
“FinDev Canada and Climate Investor One are responding to the urgent call for a more sustainable economy by funding new sources of renewable energy,” said Paul Lamontagne, Managing Director of FinDev Canada. “The latest reports are clear: global temperature is on the rise and we must act now. Quoting one of the studies, ‘the scale and pace of current action remains insufficient’ and we are determined to have a positive impact by supporting a faster transition to sustainable sources of energy.”