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How will they pay for it?</h1>  <div id="article-byline" class="c-byline l-article__byline"> <div class="c-byline__text"> <div class="c-byline__attribution"> <span>By Ian Bickis</span> <span class="c-byline__source c-byline__source--noName"> The Canadian Press </span> </div> <div class="c-byline__datesWrapper"> <div class="c-byline__dates"> <div class="c-byline__date c-byline__date--pubDate"> <span>Posted November 24, 2024 12:22 pm</span> <button class="c-byline__dateToggle toggle-switch u-hide-tablet-portrait" aria-label="Toggle last modified date of the article" data-expand="#bylineDateUpdated" aria-expanded="false" > <span id="updated-toggle-off" class="toggle-off"> <svg class="c-icon c-byline__dateToggleIcon c-byline__dateToggleIcon--up" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#dropdown_arrow"></use> </svg> </span> <span id="updated-toggle-on" class="toggle-on c-icon "> <svg class="c-icon c-byline__dateToggleIcon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#dropdown_arrow"></use> </svg> </span> </button> </div> <div class="c-byline__date c-byline__date--modDate is-expandable " id="bylineDateUpdated"> <span>Updated November 24, 2024 12:55 pm</span> </div> <div class="c-byline__date c-byline__date--modDate"> <strong>5 min read</strong> </div> </div> </div> </div> </div>  <div id="articleMessageBar-facebook" class="c-messageBar c-messageBar--blue is-hidden" > <div class="c-messageBar__inner"> <svg class="c-icon c-messageBar__icon c-messageBar__icon--info" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#alert-circle"></use> </svg> <p class="c-messageBar__content"> If you get Global News from Instagram or Facebook - that will be changing. <a href="https://globalnews.ca/news/9885400/how-you-can-find-global-news/">Find out how you can still connect with us</a>. </p> <button class="c-messageBar__close"> <span class="sr-only">Hide message bar</span> <svg class="c-icon c-messageBar__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#close"></use> </svg> </button> </div> </div>  <figure class="l-article__featured "> <div class="c-figure__embed"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="true" data-displayinline-featured="true" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10885997_674885ac0adfc" data-displayinline-video-id="10885997" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10885997/#autoplay&stickyiframe=miniplayer_10885997_674885ac0adfc" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'COP29: Nations divided as $300B pledged annually to help poor countries fight climate change'" width="640" height="360" data-src="https://i1.wp.com/media.globalnews.ca/videostatic/news/2u6nefaeoh-ftgqhvtepc/COP29_VMS.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i1.wp.com/media.globalnews.ca/videostatic/news/2u6nefaeoh-ftgqhvtepc/COP29_VMS.jpg?w=450#038;quality=70&strip=all 450w,https://i1.wp.com/media.globalnews.ca/videostatic/news/2u6nefaeoh-ftgqhvtepc/COP29_VMS.jpg?w=720#038;quality=70&strip=all 720w,https://i1.wp.com/media.globalnews.ca/videostatic/news/2u6nefaeoh-ftgqhvtepc/COP29_VMS.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon "> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">7:26</time> <span class="c-video__title">COP29: Nations divided as $300B pledged annually to help poor countries fight climate change</span> </div> </span> </span> </div> </div> <figcaption class="c-video__caption c-caption"> <span class="c-caption__desc">WATCH: The UN has adopted a deal to inject $300 billion annually into developing countries as they struggle to fight climate change. Canada joins other nations in the financial goal, but developing nations say it's not enough — and Climate Action Network Canada agrees.</span> </figcaption> </div> </figure> <div class="l-article__story l-main__story"> <div class="l-article__details" data-article-socialshare="true"> <div class="c-socialShare c-socialShare--article" > <div class="c-socialShare__list"> <button class="c-socialShare__item c-socialShare__item--comments c-button c-button--details c-button--mini c-button--responsive" data-socialshare-provider="comments" data-disabled="self" data-toggle-menu="#menuComments" data-tooltip-title="comments" > <span class="sr-only">Leave a comment</span> <svg class="c-icon c-socialShare__icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#comment"></use> </svg> </button> <a href="" class="c-socialShare__item c-socialShare__item--facebook c-button 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link</button> </div> </div> </div> </div> </div> <div id="article-fontSizer" class="c-fontSizer"> <div class="c-fontSizer__item"> <button class="c-fontSizer__button c-fontSizer__button--decrease c-button c-button--details c-button--mini" data-trackable="true" data-trackaction="Font Sizer Decrease Font" data-tooltip-title="Decrease text size" > <span class="sr-only">Descrease article font size</span> <svg class="c-icon c-fontSizer__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#font-decrease"></use> </svg> </button> </div> <div class="c-fontSizer__item"> <button class="c-fontSizer__button c-fontSizer__button--increase c-button c-button--details c-button--mini" data-trackable="true" data-trackaction="Font Sizer Increase Font" data-tooltip-title="Increase text size" > <span class="sr-only">Increase article font size</span> <svg class="c-icon c-fontSizer__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#font-increase"></use> </svg> </button> </div> </div> </div> <article class="l-article__text js-story-text" aria-label="Article text"> <p>The trillion-dollar question these days is where the huge sums of money needed to address <a href="https://globalnews.ca/tag/climate-change">climate change</a> are going to come from, especially for developing countries.</p><img decoding="async" src="https://d21y75miwcfqoq.cloudfront.net/70c8fc80" alt="" style="position:absolute;width:1px;height:1px" referrerpolicy="no-referrer-when-downgrade"> <p>Getting governments to put up more was the big focus at the UN climate conference that wrapped this week, but as seen by a wave of criticism about weak funding commitments, alternatives are needed too.</p><p>“There’s just not enough money from government sources,” Catherine McKenna, chief executive of Climate and Nature Solutions and former federal environment minister, said in an interview.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10872883_674885ac0d3f3" data-displayinline-video-id="10872883" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10872883/#autoplay&stickyiframe=miniplayer_10872883_674885ac0d3f3" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'Leaders call for overhaul of COP climate process'" width="640" height="360" data-src="https://i0.wp.com/media.globalnews.ca/videostatic/news/2pz5876lpi-4djjzyoirt/FRI_GN_REDMOND_SITE_THUMB_151124.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i0.wp.com/media.globalnews.ca/videostatic/news/2pz5876lpi-4djjzyoirt/FRI_GN_REDMOND_SITE_THUMB_151124.jpg?w=450#038;quality=70&strip=all 450w,https://i0.wp.com/media.globalnews.ca/videostatic/news/2pz5876lpi-4djjzyoirt/FRI_GN_REDMOND_SITE_THUMB_151124.jpg?w=720#038;quality=70&strip=all 720w,https://i0.wp.com/media.globalnews.ca/videostatic/news/2pz5876lpi-4djjzyoirt/FRI_GN_REDMOND_SITE_THUMB_151124.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">2:04</time> <span class="c-video__title">Leaders call for overhaul of COP climate process</span> </div> </span> </span> </div> </div> </div><p>To help narrow the substantial gap, there’s an increasing push to use something called blended finance, which uses scarce public dollars to sweeten the financials of a project enough that it makes sense for the private sector to invest.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-10" class="c-ad__unit" data-ad-pos="10" > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } </script> </div> <p>“We need to be creative to get the incentives right to make it happen,” McKenna said before countries <a href="https://globalnews.ca/news/10885491/un-cop29-climate-talks-funding-deal/">agreed on the weekend to pool at least $300 billion a year by 2035.</a></p><p>The model is especially needed in developing countries, where the risks are higher and so the business case is harder to make.</p><p>This helps explain why such a big group of countries are only getting about 15 cents of every dollar spent globally on clean energy.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10865358_674885ac0dbc3" data-displayinline-video-id="10865358" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10865358/#autoplay&stickyiframe=miniplayer_10865358_674885ac0dbc3" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'What’s at stake at the COP29 global climate summit'" width="640" height="360" data-src="https://i2.wp.com/media.globalnews.ca/videostatic/news/rtvridaln2-8x7fi9jve0/GNMCOP29SUMMITSTILL.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i2.wp.com/media.globalnews.ca/videostatic/news/rtvridaln2-8x7fi9jve0/GNMCOP29SUMMITSTILL.jpg?w=450#038;quality=70&strip=all 450w,https://i2.wp.com/media.globalnews.ca/videostatic/news/rtvridaln2-8x7fi9jve0/GNMCOP29SUMMITSTILL.jpg?w=720#038;quality=70&strip=all 720w,https://i2.wp.com/media.globalnews.ca/videostatic/news/rtvridaln2-8x7fi9jve0/GNMCOP29SUMMITSTILL.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">6:29</time> <span class="c-video__title">What’s at stake at the COP29 global climate summit</span> </div> </span> </span> </div> </div> </div><p>Aiming to put a dent in the shortfall, FinDev Canada announced a blended finance platform just as COP29 got underway. In partnership with Mitsubishi Financial Group and anchored by a Green Climate Fund investment, the platform has set a $1.5-billion funding target to assist up to 25 developing countries.</p><p>The fund will look to follow on past, smaller-scale efforts by Canada using blended finance, like a partnership that helped kick-start green energy in Uzbekistan.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-11" class="c-ad__unit" data-ad-pos="11" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } </script> </div> <p>In 2020, Canada put up US$17.5 million in funding at below-market rates, alongside other organizations, to help get a US$100-million solar project — Uzbekistan’s first — off the ground.</p> <div class="c-inlineSignup" data-newsletter-inline> <div class="c-inlineSignup__image"> <img width="170" height="225" loading="lazy" data-src="https://globalnews.ca/wp-content/themes/shaw-globalnews/images/skyline/money123.jpg" alt="Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday."> </div> <div class="c-inlineSignup__content"> <h3>Get weekly money news</h3> <div class="c-inlineSignup__blurb">Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.</div> <form class="c-newsletterSignup__container" id="ns-full-inline-form"> <fieldset class="newsletter-hidden-fields"> <input type="hidden" id="cr" name="cr" value="100431" /> <input type="hidden" id="fm" name="fm" value="101" /> <input type="hidden" id="s_brand" name="s_brand" value="gn" /> <input type="hidden" id="s_gn_topics_money123" name="s_gn_topics_money123" value="100" data-newsletter-inline-code /> <input type="hidden" id="s_collector" name="s_collector" value="" /> <input type="hidden" id="s_create_date" name="s_create_date" value="2024-11-28 15:01:00" /> <input type="hidden" id="s_last_modified" name="s_last_modified" value="2024-11-28 15:01:00" /> </fieldset> <label for="ns-inline-email-input" class="sr-only">Sign up for weekly money newsletter</label> <input id="ns-inline-email-input" type="email" class="c-newsletterSignup__input" placeholder="Email address" required data-newsletter-inline-email /> <button id="ns-signup-button" class="c-button c-inlineSignup__button" type="button" data-newsletter-inline-submit>Sign Up</button> </form> <div class="c-inlineSignup__disclaimer">By providing your email address, you have read and agree to Global News' <a href="https://www.corusent.com/terms-of-use/" target="_blank">Terms and Conditions</a> and <a href="https://www.corusent.com/privacy-policy/" target="_blank">Privacy Policy</a>.</div> </div> </div> <p>Once that hurdle was cleared, one of the co-investors then helped get a second solar project going at more than double the size, with fewer concessions. Soon after, a wind energy project went ahead without any discounted funding at all.</p><p>The funding model is meant to help make those difficult early projects happen and clear the way for more to come, said Nnamdi Igbokwe, director of thought leadership at Convergence.</p><p>“That’s why blended finance has become so important, because it’s a mechanism that allows the mobilization of the private sector in a way that otherwise they would basically be precluded.”</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10863022_674885ac0e2d7" data-displayinline-video-id="10863022" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10863022/#autoplay&stickyiframe=miniplayer_10863022_674885ac0e2d7" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'COP29 UN Climate Conference kicks off in Azerbaijan Monday'" width="640" height="360" data-src="https://i2.wp.com/media.globalnews.ca/videostatic/news/je1toqkybk-h5k0zvca9a/ONLINE_STILL_GUILBEAULT.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i2.wp.com/media.globalnews.ca/videostatic/news/je1toqkybk-h5k0zvca9a/ONLINE_STILL_GUILBEAULT.jpg?w=450#038;quality=70&strip=all 450w,https://i2.wp.com/media.globalnews.ca/videostatic/news/je1toqkybk-h5k0zvca9a/ONLINE_STILL_GUILBEAULT.jpg?w=720#038;quality=70&strip=all 720w,https://i2.wp.com/media.globalnews.ca/videostatic/news/je1toqkybk-h5k0zvca9a/ONLINE_STILL_GUILBEAULT.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">7:17</time> <span class="c-video__title">COP29 UN Climate Conference kicks off in Azerbaijan Monday</span> </div> </span> </span> </div> </div> </div><p>Convergence, a Toronto-based group focused on increasing the use of blended finance, found the model was used for US$18.3 billion in climate funding last year, up from US$8 billion a year earlier.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-12" class="c-ad__unit" data-ad-pos="12" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } </script> </div> <p>Importantly, the total included six deals of more than a billion dollars each.</p><p>“We’re starting to see a smarter use, and a more efficient use, of catalytic capital to where billion-dollar deals are becoming more of a consistent thing,” Igbokwe said.</p><p>That’s important, because to take a bite out of global funding targets in the trillions, there needs to be a steady stream of billion-dollar deals, said Igbokwe.</p> <div class="c-tabs"> <div 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environmental harms" data-title>Crowsnest Pass residents support new coal mine despite environmental harms</span> </div> </div> </a> </li> </ul> </section> </div> </div> <p>But ramping up the model is far from easy.</p><p>Blended finance adds layers of complexity to funding deals. The public concessions come in a range of options, from lower interest rates to agreeing to be the first to take on any losses, all of which has to be negotiated on top of the regular commercial terms.</p><p>The risk perception of the projects and countries also make it hard for many private banks to invest at all, because regulations limit what kind of lending risk they can take on.</p><p>There’s also not enough sharing of data about how past projects have performed, said Igbokwe, which could help change those risk perceptions.</p><p>And then there’s the challenge of finding projects that are promising enough, and big enough, to invest in, but that don’t quite meet the threshold for conventional financing.</p> <section id="content-dynamic-trending-stories" class="l-inlineStories l-inlineStories--tile u-hide-tablet-landscape" aria-label="Dynamic trending stories section" > <div class="l-inlineStories__heading " > <span class="l-inlineStories__title c-heading c-heading--strikethrough">Trending Now</span> </div> <ul class="l-inlineStories__posts c-posts c-posts--inline "> <li class="c-posts__item"> <a href="https://globalnews.ca/news/10890885/wendy-williams-health-dementia-incapacitated-lawsuit-documentary/" class="c-posts__inner"> <div class="c-posts__media " > <img class="c-posts__thumbnail" data-src=https://globalnews.ca/wp-content/uploads/2024/02/20240223170228-65d91c6d28e0dc6b2b4e9d68jpeg.jpg?quality=85&strip=all&w=336&h=224&crop=1 loading="lazy" width="336" height="224" alt="" /> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" title="Wendy Williams ‘permanently incapacitated’ by dementia, guardian claims" data-title>Wendy Williams ‘permanently incapacitated’ by dementia, guardian claims</span> </div> <div class="c-posts__author"></div> </div> </a> </li> <li class="c-posts__item"> <a href="https://globalnews.ca/news/10890677/canada-post-strike-day-13/" class="c-posts__inner"> <div class="c-posts__media " > <img class="c-posts__thumbnail" data-src=https://globalnews.ca/wp-content/uploads/2024/11/canada-post-strike-3.jpg?quality=85&strip=all&w=336&h=224&crop=1 loading="lazy" width="336" height="224" alt="" /> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" title="Canada Post strike: Minister tells parties he ‘expects more’ as talks stall" data-title>Canada Post strike: Minister tells parties he ‘expects more’ as talks stall</span> </div> <div class="c-posts__author"></div> </div> </a> </li> </ul> </section> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-13" class="c-ad__unit" data-ad-pos="13" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-13","lazy":true,"targeting":{"pos":13,"slotid":"gpt-ad-300250-13"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-13","lazy":true,"targeting":{"pos":13,"slotid":"gpt-ad-300250-13"},"companion":false} ); } </script> </div> <div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10864894_674885ac1087f" data-displayinline-video-id="10864894" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10864894/#autoplay&stickyiframe=miniplayer_10864894_674885ac1087f" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'COP29: What’s at stake during 2024 climate conference in Azerbaijan?'" width="640" height="360" data-src="https://i1.wp.com/media.globalnews.ca/videostatic/news/5hnmz8jqze-ht3jxl0zcn/241111-REDMOND.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i1.wp.com/media.globalnews.ca/videostatic/news/5hnmz8jqze-ht3jxl0zcn/241111-REDMOND.jpg?w=450#038;quality=70&strip=all 450w,https://i1.wp.com/media.globalnews.ca/videostatic/news/5hnmz8jqze-ht3jxl0zcn/241111-REDMOND.jpg?w=720#038;quality=70&strip=all 720w,https://i1.wp.com/media.globalnews.ca/videostatic/news/5hnmz8jqze-ht3jxl0zcn/241111-REDMOND.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">1:58</time> <span class="c-video__title">COP29: What’s at stake during 2024 climate conference in Azerbaijan?</span> </div> </span> </span> </div> </div> </div><p>Altogether, these barriers have made the model ramp up much slower than Convergence and others had hoped.</p><p>“It’s pretty complex,” said Susan McGeachie, chief executive of the Global Climate Finance Accelerator.</p><p>Part of the problem is that each deal is so customized that it’s hard to apply the terms to the next one, so it’s slow-going, she said.</p><p>But it’s still “enormously helpful” to help fill the funding gap, and if it wasn’t hard, blended finance wouldn’t be necessary.</p><p>“The whole point is to address that market gap. So if it becomes standardized, any of the concessional players should have exited and gone to something else that address a new market gap,” said McGeachie.</p><p>She noted that it’s not just useful abroad. There is also potential for Indigenous communities and climate projects at home, as Canada makes better use of publicly funded lenders like the Canada Infrastructure Bank.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-14" class="c-ad__unit" data-ad-pos="14" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-14","lazy":true,"targeting":{"pos":14,"slotid":"gpt-ad-300250-14"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-14","lazy":true,"targeting":{"pos":14,"slotid":"gpt-ad-300250-14"},"companion":false} ); } </script> </div> <p>BMO, for example, has partnered with the public bank to offer lower-cost loans for office building retrofits to reduce emissions.</p><p>Others, though, are concerned about the fixation on using private markets, and are pushing for much greater direct lending to public projects from public banks.</p><p>“We’ve seen market-based mechanisms fail again and again and again,” said Susan Spronk, an associate professor focused on international development at the University of Ottawa.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_10863919_674885ac11104" data-displayinline-video-id="10863919" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/10863919/#autoplay&stickyiframe=miniplayer_10863919_674885ac11104" data-displayinline-sticky="true" > <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'Business Matters: What is Canada’s role in COP29 negotiations?'" width="640" height="360" data-src="https://i0.wp.com/media.globalnews.ca/videostatic/news/hfmhf9eb6i-iztlaengvt/BUSINESS_MATTERS_NOV11_ONLINE_STILL.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://i0.wp.com/media.globalnews.ca/videostatic/news/hfmhf9eb6i-iztlaengvt/BUSINESS_MATTERS_NOV11_ONLINE_STILL.jpg?w=450#038;quality=70&strip=all 450w,https://i0.wp.com/media.globalnews.ca/videostatic/news/hfmhf9eb6i-iztlaengvt/BUSINESS_MATTERS_NOV11_ONLINE_STILL.jpg?w=720#038;quality=70&strip=all 720w,https://i0.wp.com/media.globalnews.ca/videostatic/news/hfmhf9eb6i-iztlaengvt/BUSINESS_MATTERS_NOV11_ONLINE_STILL.jpg?w=1040#038;quality=70&strip=all 1040w," data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px" > <span class="c-video__overlay"> <div class="c-button c-video__icon c-videoPlay__icon c-button--mini"> <svg class="c-icon c-button__icon" focusable="false"> <use xlink:href="https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=bahmjko3l#play"></use> </svg> </div> <div class="c-video__data"> <time class="c-video__duration">2:11</time> <span class="c-video__title">Business Matters: What is Canada’s role in COP29 negotiations?</span> </div> </span> </span> </div> </div> </div><p>Spronk helped found a group pushing against the use of blended finance, concerned by the poor track record of water privatization and other efforts to profit off some of the world’s poorest people.</p><p>While renewable energy has a more straightforward business case, making profits on adaptation projects like flood barriers and wildfire prevention is far from straightforward.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-15" class="c-ad__unit" data-ad-pos="15" loading=lazy > </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-15","lazy":true,"targeting":{"pos":15,"slotid":"gpt-ad-300250-15"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( 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