Advertisement
CanadaEnvironmentNoth America

Canada pledges $55m for land restoration in developing countries

By Oluwaseun Sonde

Spread the love

The Canadian Prime Minister, Justin Trudeau has announced that Canada will contribute up to $55 million to the Land Degradation Neutrality (LDN) Fund, to support sustainable land management and land restoration in developing countries.

Trudeau disclosed this at the One Planet Summit for biodiversity hosted by Republic of France on Monday, in cooperation with the United Nations and the World Bank.

He said 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.

“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”, he said.

Trudeau stated that LDN is an investment fund initiated by the United Nations Convention to Combat Desertification (UNCCD) to support sustainable land management and land restoration.

“Sherbrooke-based project developer Ecotierra is implementing the LDN Fund’s first investment project in coffee cooperatives in Latin America”, he said.

He noted that 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”, he said.






Spread the love
Advertisement
Show More
Back to top button
DE HONEY MONTESSORI SCHOOL
Close
Close