MEDA weighs in on the future of Canada’s international climate finance
The future of Canada’s international climate finance needs to be robust to meet the growing challenges of a changing climate; it must support the poorest and most vulnerable prioritizing adaptation as much as mitigation, and it must be gender-responsive, and gender-transformative, aligning with Canada’s Feminist International Assistance Policy (FIAP).
This is the message contained within MEDA’s submission to the Government of Canada’s International Climate Finance: How Canada’s contributions can lead to green, just and resilience economies.
MEDA’s submission calls on Canada to shift from using multilateral partners to harnessing the expertise and capacity of Canada’s private sector and that of Canadian INGOs. The submission also outlines how Canada’s climate finance can include a variety of financial mechanisms (tailored, context-specific, client-centric and results-based), including blended finance mechanisms, grants, concessional loans, loan guarantees, and risk insurance to ensure Canada’s climate financial mechanisms empowers people.
Expanding Canada’s climate finance to be more robust is more important than ever. The COVID-19 pandemic has taught us some valuable lessons and has given us a unique opportunity to meet our Sustainable Development Goal (SDG) commitments. COVID-19 demonstrated the interdependence and fragility of our global system, where the intersection of human, animal, and environmental health has had to be recognized. The pandemic has also taught us that we have the capacity and resolve to mobilize resources, both financially and politically, to combat threats to our societies.
COVID-19 is merely wake-up call for Canada and the world to address the much larger threat of climate change.
Current projects in Senegal, Ukraine, Tanzania and Jordan demonstrate that MEDA is already proving the validity of its recommendations. In Senegal, MEDA is working to improve the socio-economic well-being and resilience of farming households via climate-adapted irrigation and agricultural practices, with an emphasis on women and young people. In Ukraine and Tanzania, MEDA is proving the effectiveness of Environment Innovation Grants (EIGs) and in Jordan MEDA is creating ‘green jobs’ for women and youth training clean energy entrepreneurs and linking them to clean energy companies.
All of this is made possible to by the committed team of environment and climate change specialists at MEDA.
MEDA’s voice joins a chorus of concerted action coordinated through the Canadian Coalition on Climate Change and Development (C4D) a coalition of international development and environmental organizations working together to share knowledge and collaborate on climate action. MEDA has been a member of C4D since 2017.