European Bank for Reconstruction and Development - Northern

Purpose

At the G7 Summit in May 2023, Canada announced a contribution of CAD 283 million to the European Bank for Reconstruction and Development (EBRD) for the High Impact Partnership on Climate Action, comprising $33.125 million in grants and $250 million in repayable contribution. This project fulfils an important part of Canada’s $5.3 billion international climate finance commitment over the period 2021 to 2026. The High Impact Partnership on Climate Action (HIPCA) is a multi-donor program that combines commercial finance with concessional donor co-financing, policy engagement and technical assistance to unlock the right market conditions and draw in the private sector for tackling climate change and environmental degradation. This project aims to advance the transition towards low-carbon, climate-resilient and environmentally compatible pathways in countries where the EBRD operates and which are eligible to receive Official Development Assistance (ODA ), in a manner that seeks to promote gender equality and economic inclusion. Project activities – through the $250 million portion of the total contribution – include: (1) providing concessional financing in support of high-impact climate investments that reduce or prevent greenhouse gas emissions, strengthen resilience, and reduce vulnerability to climate change; and (2) identifying solutions that protect the environment and unlock the private sector to act as an agent for climate and environmental action.