Across the world the impact of climate change is being felt; extreme and erratic weather conditions are prevalent. This, in turn, is exacerbating land degradation and desertification. Affecting most people already in situations of poverty and vulnerability, especially women and Indigenous people.
Today, the Honourable Karina Gould, Minister of International Development announced that Canada will contribute up to $55 million to the Land Degradation Neutrality (LDN) Fund, an investment fund initiated by the United Nations Convention to Combat Desertification (UNCCD) to support sustainable land management and land restoration. This investment is part of Canada’s $2.65 billion climate finance commitment, as well as the G7 Charlevoix Commitment to Innovative Financing for Sustainable Development.
Prime Minister, the Right Honourable Justin Trudeau, at the One Planet Summit for biodiversity hosted by France, in cooperation with the United Nations and the World Bank underscored Canada’s contribution.
It was reported that during the Summit, political leaders, the private sector, NGOs, and citizens discussed environmental challenges and accelerating funding for climate, biodiversity, and oceans.
“Canada is contributing to the LDN Fund alongside other Canadian investors, including the Concordia University Foundation and the Montreal-based labor-sponsored pension fund Fondaction. Sherbrooke-based project developer Ecotierra is implementing the LDN Fund’s first investment project in coffee cooperatives in Latin America.
“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.” Karina wrote.
“Climate change and biodiversity loss know no borders, which is why strong domestic action on these challenges must be met with equally strong international leadership. Partnerships, such as the one being announced today, help to ensure that the developing countries that will be hardest hit by the impacts of climate change have additional tools and support to secure a more sustainable future.” – Jonathan Wilkinson, Minister of Environment and Climate Change
The LDN Fund managed by Mirova, a French asset management company fully dedicated to sustainable investing and an affiliate of Natixis Investment Managers was created to support the implementation of the UNCCD, one of the three Rio Conventions. The LDN Fund was formally launched at the UNCCD COP13 in Ordos, China, in 2017.
The Fund aims to raise US$300 million to: restore up to 500,000 hectares of degraded land; reduce or avoid greenhouse gas emissions of up to 35 million tonnes of carbon dioxide equivalent; and create or support approximately 100,000 jobs for the most vulnerable populations, particularly women, in developing countries.