QUESTION PERIOD — Environment and Climate Change
Energy Transition Program
April 17, 2024
Senator Gold, yesterday I returned from Washington, where I attended the Global Parliamentary Forum hosted by the Parliamentary Network on the World Bank and IMF.
As you know, part of the World Bank’s mandate is to accelerate an equitable and just energy transition by promoting and supporting large-scale transformative renewable energy projects in lower-income countries.
Senator Gold, as a member country of the World Bank, what are Canada’s contributions, financial or otherwise, to the bank’s goal of increasing clean energy access and affordability in lower-income countries? As a global clean electricity powerhouse, I hope that Canada’s expertise, knowledge and goods and services are contributing to the World Bank’s energy objectives.
Thank you for your question. Canada is the sixth‑largest donor to this fund. Since 1960, it has contributed over US$11 billion. From fiscal year 2012-13 to fiscal year 2019-20, Canada’s average annual contributions were $441 million. This is in addition to the $440 million in loans and $10 million in grant contributions from Canada for the Canada‑World Bank Clean Energy and Forests Climate Facility. This facility will support transformational climate actions of World Bank projects, with a focus on Asia’s clean energy transition, renewable energy in Small Island Developing States and forests and sustainable land use.
Thank you for that answer. As you mentioned, in 2020, thanks to a $400-million loan from Canada, the Canada-World Bank Clean Energy and Forests Climate Facility was launched. Its mandate focuses on clean energy projects that seek to slow the expansion of coal in the power sector by scaling up low-carbon alternatives.
Senator Gold, can you provide an update on how Canada’s funding has been spent so far? What role, if any, does our country play in assessing and approving applications and distributing funds?
Time permits me to mention only a few of the projects, senator. I will mention the Renewable Energy Sector Development Project for Saint Lucia, which is looking at the viability of its geothermal resource for power generation. There is also the Cabo Verde Renewable Energy and Improved Utility Performance Project, which seeks to increase renewable energy production and improve the performance of the electricity facility by leveraging private finance.
