European-focused climate funds for Canadian companies
This Climate Fund Guide highlights funds that are available to Canadian companies. It provides practical tips on developing projects in Europe and accessing climate-focused funding support.
Opportunities
Currently, the majority of climate funds in Europe target projects related to the mitigation of climate change (specifically, renewable energy and energy efficiency), as this field and its related technologies are increasingly well-established and have demonstrated strong potential for financially sustainable investments. When it comes to projects related to adaptation to climate change, the involvement of the private sector and development finance institutions is still limited.
Accessing European climate funds may present some challenges for Canadian companies, as processes to access many of these funds are not always publicly disclosed, and they can tend to favour European companies. However, there are some options available to Canadian companies.
One option is to make the company known to potential investors and build a project proposal tailored to their expectations. Another option is to associate with well-established European firms on smaller contracts.
To access some funds (such as the Nordic Climate Facility), Canadian companies may be required to have European partners. To this end, participating in relevant events can help to build a network of European partners. A physical or legal presence could also be an advantage in terms of building trust with potential partners, but it is not a necessity.
Top six climate funds for Canadian companies in Europe
Access to Energy Fund - based in the Netherlands
This fund was jointly initiated by the Dutch government and the Netherlands Development Finance Company (FMO) in 2003 to support private sector projects aimed at providing long-term access to energy services in sub-Saharan Africa.
Climate Investor One - based in the Netherlands
This facility offers an innovative, complete life cycle financing solution, providing different financing windows to both public and private sector investors for investments in renewable energy.
Norfund - based in Norway
This fund supports the building of sustainable businesses in poor countries and contributes to economic and social development. Its approach is that of an active minority investor. In addition to its headquarters in Oslo, Norway, Norfund has regional offices in Nairobi, Kenya; Maputo, Mozambique; Bangkok, Thailand; and San José, Costa Rica.
Nordic Environment Finance Corporation (NEFCO) - based in Finland
This fund was established by the Nordic governments (Sweden, Denmark, Norway, Iceland and Finland) in 1990. All of NEFCO’s activities focus on generating positive environmental results, and all projects have to comply with NEFCO’s strict environmental guidelines.
Stichting Pensioenfonds ABP - based in the Netherlands
ABP is the pension fund for government and education employees in the Netherlands. It is the largest pension fund in the Netherlands and among the largest in the world. It has a responsible investment policy that includes ambitious targets in terms of sustainable development.
Interact Climate Change Facility
This facility promotes the use of renewable energy, clean technology and energy efficiency in developing countries through long-term financing. It is financed mainly by the French Development Agency and the European Investment Bank as well as 11 other European development finance institutions.
Connect with us
The Canadian Trade Commissioner Service will provide you with on-the-ground intelligence and practical advice on foreign markets to help you make better, timelier and more cost-effective decisions to achieve your goals abroad.
We can help by…
- providing qualified contacts
- introducing you to potential partners
- assessing market potential of a climate solution project
- identifying the best strategies and practices for accessing funds
- sharing upcoming opportunities
Please contact:
- Rachel Soares
Climate Finance, Trade Commissioner - Europe and Middle East
Rachel.Soares@international.gc.ca
For more information, please consult Canada.ca/TCS-Climate-Finance.