The Government of Canada and the Asian Development Bank (ADB) have announced the CAD360 million creation of the Climate and Nature Fund for the Private Sector in Asia (CANPA). This partnership aims to support private-sector projects in Asia and the Pacific that focus on climate action and nature-based solutions.
The Government of Canada will contribute CAD350 million for project investments and CAD10 million for technical assistance. ADB will administer the fund to help private sector companies reduce greenhouse gas (GHG) emissions, transition from carbon-based operations, and improve climate resilience. CANPA will also finance nature-based solutions such as sustainable agriculture and aquaculture to protect and restore ecosystems.