During day two of the G7 Leaders Summit in Hiroshima, Japan, Prime Minister Justin Trudeau made the following new investments to support people in emerging economies and developing countries.

1. High Impact Partnership on Climate Action at the European Bank for Reconstruction and Development - $283.125 million over 25 years (2023-2048)

Canada is contributing $283 million, including $250 million in unconditionally repayable loan and a $33 million grant, to the High Impact Partnership on Climate Action (HIPCA). This will help advance low-carbon, climate-resilient and environmentally compatible pathways in emerging economies and developing countries where the European Bank for Reconstruction and Development (EBRD) operates, in a manner that seeks to promote gender equality and economic inclusion. HIPCA is the EBRD’s first multi-donor partnership for accelerating climate action and environmental co-benefits and fulfils an important part of Canada’s $5.3 billion international climate finance commitment over the period 2021-2026.

2. Mirova Gigaton Fund for small and medium-sized clean energy and climate-smart projects - $42 million over 15 years (2023-2038)

Canada is providing a $42 million repayable contribution to the Mirova Gigaton Fund to support investments in clean energy and climate-smart projects, primarily by financing small- and medium-sized enterprises in emerging markets and developing countries. Canada’s investments will support projects that increase the use of affordable renewable energy, like solar power for homes, agriculture, and businesses and help ensure the Mirova Gigaton Fund can apply a gender lens to its investments, such as through equitable and quality employment opportunities.

3. FinDev Canada Loan to Maranatha Energy Investment S.R.L. to construct and operate the first phase of a solar plant in the Dominican Republic - $10 million over 14 years (2023-2037)

FinDev Canada is providing a $10 million loan to Maranatha Energy Investment S.R.L to construct and operate the first phase (10MW) of a 20 MW two-phase photovoltaic solar plant in the Dominican Republic. This will support the expansion of the Dominican Republic’s renewable energy sector, which is important to making the island state less dependent on fossil fuels.

4. Canada-International Finance Corporation (IFC) Facility for Resilient Food Systems - $100 million over 20 years (2023-2043)

Canada is contributing $100 million to the Canada-International Finance Corporation (IFC) Facility for Resilient Food Systems, including a $95 million repayable contribution, and a $5 million grant, to enhance people’s food security and food system resilience through improved food affordability in developing countries. The Facility leverages Canada’s concessional finance alongside the IFC to mobilize private capital to address critical financing needs and disruptions to agricultural production and agri-food supply chains to ensure that food flows to vulnerable countries and markets.  It also makes strategic investments in private sector-led solutions to build more diversified, productive and resilient local food systems in the long term. The Facility provides advisory and technical services to local financial service providers, agri-businesses and farmers along the food value chain to improve their long-term financial sustainability, gender responsiveness and resilience to climate risks so they can continue to deliver much needed food to communities experiencing poverty.

5. Climate Smart Food Systems Fund with responsAbility and CIGR - $50 million over 10 years (2023-2033)

Canada is contributing $50 million, including a $42.2 million conditionally repayable contribution and $7.8 million grant, to help increase investment in agriculture and food systems that reduce poverty, adapt to climate change risks, and mitigate greenhouse gas emissions through responsAbility’s Climate Smart Agriculture and Food Systems Fund. Technical assistance will also be provided in collaboration with CIGR (formerly the Consultative Group for International Agricultural Research), a global partnership for international organizations engaged in food security research. The Fund provides long-term loans along with technical assistance for 20 to 30 agricultural small and medium enterprises to support climate-smart interventions. These include sustainable land use in agriculture, biodiversity conservation, improved water efficiency, reduced food loss, and transition towards renewable energy in food systems.

6. Support to the Women’s Peace and Humanitarian Fund (WPHF) - $4 million over two years (2022-24)

Canada is providing $4 million to the Women’s Peace and Humanitarian Fund (WPHF), including $3M to the Rapid Response Window and $1M to the Haiti Appeal, to bolster women’s participation in formal peace processes and the implementation of peace agreements. In doing so, the WPHF supports local women-led and women’s rights focused civil society organizations. The WPHF is a critical funding mechanism to address urgent funding gaps in rapid and short-term support to women peacebuilders and local women’s organizations. The aim of WPHF’s Haiti Appeal is to channel rapid funding to mobilize local women’s organizations responding to the crisis and the needs of women and girls.

7. Support to the Global Fund for Survivors of Conflict-Related Sexual Violence - $220,000 over two years (2023-2025)

Canada is contributing $220,000 to the Global Fund for Survivors of Conflict-Related Sexual Violence (GSF) to address the implementation gap of the Yazidi Female Survivors Law in Iraq. This project, in collaboration with GSF’s local partner, Nadia’s Initiative, prioritizes a survivor-centred approach and will help to ensure that Yazidi women and girl survivors meaningfully participate in the process.