By Caribbean News Global
OTTAWA, Canada – Karina Gould, minister of international development, announced that Canada will contribute up to $55 million to the Land Degradation Neutrality (LDN) Fund, an investment fund initiated by the United Nations Convention to Combat Desertification (UNCCD) to support sustainable land management and land restoration. This investment is part of Canada’s $2.65 billion climate finance commitment, as well as the G7 Charlevoix Commitment for Innovative Financing for Sustainable Development.
“The Land Degradation Neutrality Fund is an example of how the public and private sector can invest together in nature-positive solutions and livelihoods in developing countries.
Canada is committed to innovative partnerships to tackle climate change and biodiversity loss and create a sustainable future and healthier communities for all,” said, minister Gould.
Canada’s contribution was highlighted today by prime minister, Justin Trudeau, at the One Planet Summit for biodiversity hosted by France, in cooperation with the United Nations and the World Bank.
During the Summit, political leaders, the private sector, NGOs and citizens discussed environmental challenges and accelerating funding for climate, biodiversity and oceans.
Canada is contributing to the LDN Fund alongside other Canadian investors, including the Concordia University Foundation and the Montreal-based labour-sponsored pension fund Fondaction. Sherbrooke-based project developer Ecotierra is implementing the LDN Fund’s first investment project in coffee cooperatives in Latin America.
“Across the world, climate change is causing extreme and erratic weather. This, in turn, is exacerbating land degradation and desertification, with the most severe impacts affecting people already in situations of poverty and vulnerability, especially women and Indigenous people”, a release from Global Affairs Canada, noted.
“I am very pleased that Canada has decided to invest in the Land Degradation Neutrality Fund. Investing in land restoration is not only about the environmental good. It is a quick way to create jobs, preserve the ecosystem, and also improve livelihoods. The fund is an innovative vehicle in support of areas that traditionally have not benefited from private investments,” said, Ibrahim Thiaw, executive secretary, UNCCD
Canada’s contribution, once it is finalized, will help to catalyze additional private sector investments in the LDN Fund so it can achieve its mission of restoring degraded land and reducing or avoiding greenhouse gas emissions. The LDN Fund is also crucial to ensuring that COVID-19 economic recovery efforts support green jobs and sustainable businesses for people who depend on natural resources for their livelihoods.
“Climate change and biodiversity loss know no borders, which is why strong domestic action on these challenges must be met with equally strong international leadership. Partnerships, such as the one being announced today, help to ensure that the developing countries that will be hardest hit by the impacts of climate change have additional tools and support to secure a more sustainable future,” said, Jonathan Wilkinson, minister of environment and climate change.