Yesterday at the Climate Change Conference of Parties (COP21) in Paris, Canada made another significant pledge towards mitigating climate change with the announcement of a $150 million donation to support renewable energy projects in Africa.
The money will go to the G7 African Renewable Energy Initiative. It will act as a catalyst to encourage private sector development of wind, solar, and hydro projects.
Over 640 million people in Africa have no access to electricity. The G7 goal is to create generation of 10 gigawatts of new renewable energy by 2020, and 300 GW by 2030. Access to lectricity can improve both the health and the potential to generate income for families in developing countries.
The Organization for Economic Co-operation and Development (OECD) says their analysis has shown that public investments in climate projects in turn encourages private investment by reducing financial risks.
The announcement was made by the Honourable Catherine McKenna, Minister of Environment and Climate Change. It is part of Canada’s recent announcement at COP-21 to provide C$2.65 billion over five years to spur action on climate change initiatives in developing countries
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