MANILA, June 17 (Xinhua) -- The Asian Development Bank (ADB) and Canada on Monday announced a partnership to create a new 360 million Canadian dollars (about 262.1 million U.S. dollars) trust fund that will support private-sector projects in Asia-Pacific region focused on climate and nature-based solutions while accelerating gender equity.
The ADB will administer the Canadian Climate and Nature Fund for Private Sector in Asia (CANPA) on behalf of Canada to help private sector companies lower their greenhouse emissions, transition from carbon-based operations, and improve their climate resilience.
According to the ADB, the Asia and the Pacific region is responsible for more than half of global greenhouse gas emissions. It is susceptible to the most destructive effects of climate change, including damage from extreme weather, prolonged droughts and flooding. More than 60 percent of the region's population works in the most vulnerable sectors from climate change. ■
