Canada Announces CA$9.5 Million for the Climate Finance Access Network
The Government of Canada will contribute funding to an initiative of Rocky Mountain Institute designed to unlock climate finance for the most vulnerable and least developed countries
OTTAWA, ON, June 13, 2020 /PRNewswire-PRWeb/ -- Prime Minister Justin Trudeau has announced that Canada will contribute CA$9.5 million (approximately US$7 million) to the Climate Finance Access Network (CFAN) to support developing nations in accessing funding to fight climate change.
The Network, coordinated by Rocky Mountain Institute (RMI) and supported by a group of international organizations, will cultivate a network of highly trained, embedded climate finance advisors who will spend one to two years working directly in developing countries on the front lines of climate change, including Pacific islands.
"We recognize 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," said Prime Minister Trudeau in call with United Nations ambassadors and the Prince of Wales. "To further accelerate global action, I can today announce that Canada will contribute $9.5 million to the Climate Finance Access Network."
Now more than ever, small island states, least developed countries, and African nations face an urgent need to accelerate their investments in climate resilience and build energy-secure, clean economies. While the volume of available funding has increased, the international climate finance system has become increasingly complex. This creates an access bottleneck that slows the impact of urgently needed—and available—financial resources.
CFAN stands to address this challenge. It puts at the disposal of developing nations a corps of in-country climate finance advisors dedicated to securing financing for priority investments in climate resilience and the energy transition. To ensure that CFAN effectively serves the needs of countries at the front lines of climate change, the Network has been designed through a highly inclusive process involving over 50 developing nations. The result is a program that responds to real-world challenges informed by data-driven analyses of country needs.
"Across Africa, we are seeing unanimous demand for climate finance advisors," said Ambassador Seyni Nafo, coordinator of the African Adaptation Initiative. "We are pleased to be a founding member of CFAN, which will ensure that countries receive the on-the-ground support they need to secure finance and effectively combat climate change."
CFAN brings together several international organizations experienced in building in-country climate finance capacity. The African Adaptation Initiative, Low Emissions Development Strategies Global Partnership, Global Green Growth Institute, and NDC Partnership have provided ongoing input to the CFAN design and will participate in its implementation. CFAN also remains open to other organizations interested in participating in the Network.
"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," said Pablo Vieira, global director of the NDC Partnership Support Unit. "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."
As coordinator of the Network, RMI will build on nearly 40 years of experience training and facilitating experts in the transition to low-carbon energy systems. RMI will run first-of-its-kind trainings for climate finance advisors and ensure that advisors receive ongoing, in-country technical support.
"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," said Caroline Ott, Principal at RMI. "We look forward to partnering with these countries, and to training top experts to serve as their advisors."
To learn more about CFAN and opportunities to get involved, visit cfanadvisors.org.
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About Rocky Mountain Institute
Rocky Mountain Institute (RMI)—an independent nonprofit founded in 1982—transforms global energy use to create a clean, prosperous, and secure low-carbon future. It engages businesses, communities, institutions, and entrepreneurs to accelerate the adoption of market-based solutions that cost-effectively shift from fossil fuels to efficiency and renewables. RMI has offices in Basalt and Boulder, Colorado; New York City; the San Francisco Bay Area; Washington, D.C.; and Beijing.
More information on RMI can be found at http://www.rmi.org or follow us on Twitter @RockyMtnInst.
SOURCE Rocky Mountain Institute
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