Canada is boosting its support for climate action, by joining the European Bank for Reconstruction and Development (EBRD)’s High-Impact Partnership for Climate Action (HIPCA).

HIPCA, launched at COP26 in Glasgow in 2021, is the EBRD’s first multi-donor partnership tackling climate change and environmental degradation. It builds on the Bank’s unique business model, which combines financing with policy engagement and technical assistance, and acts as a conduit to unlock the right market conditions, mobilise co-financing and draw in the private sector.

Its primary objectives are to unleash investments and solutions that reduce or prevent greenhouse gas emissions, strengthen resilience and reduce vulnerability to climate change, and protect the environment.

Canada joins Austria, Finland, the Netherlands, Switzerland, Spain, the TaiwanICDF and the United Kingdom who also contribute to the partnership. Since its launch, HIPCA has supported over 35 projects across multiple sectors, such as energy, financial institutions and transport.