Canada and the World Bank Group to Support the Clean Energy Transition in Developing Countrie

At the One Planet Summit in Paris today, Canada and the World Bank Group announced a partnership to support effective climate action in developing countries in support of the Paris Agreement. 

Canada and the World Bank Group will support the acceleration of developing countries’ transition away from traditional coal-fired electricity toward clean energy to power their fast-growing economies.  We will also support small island developing states in expanding their renewable energy infrastructure, helping to put them on a more sustainable pathway that is less polluting and ensures greater energy access.

This work also includes sharing best practices on how to ensure a just transition for displaced workers and their communities to minimize hardships and help workers and communities benefit from new clean growth opportunities. The transition to a low-carbon economy should be inclusive, progressive and good for business. We will work together with the International Trade Union Confederation in this regard.

This effort builds upon a strong and successful partnership between Canada and the World Bank Group over many years on climate action, including through the Climate Investment Funds and the International Finance Corporation’s Canada Climate Change Program.

This partnership reflects the broader commitment of the World Bank Group and Canada to support the transition to low-carbon and climate resilient economies, and to catalyze inclusive growth and job creation.

As one of the largest financers for renewable energy and energy efficiency for developing countries, the World Bank Group is playing a key role in facilitating the energy transition through lending, support to emerging clean energy sectors, and by working with governments to strengthen energy institutions, develop legal frameworks, and improve policies. Together with the United Nations, the Bank Group recently launched the Invest4Climate platform to mobilize additional finance for climate action, including for the energy transition.