FINDEV CANADA

FinDev Canada is Canada's development finance institution established in 2018 to support the private sector in developing markets to promote inclusive and sustainable economic growth. Through our loans and investments, we look to mobilize private sector investment in developing markets to support businesses that drive market development, women's economic empowerment and climate action.

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In 2019, FinDev Canada joined our peers in the development of the Joint Impact Model. Our unified goal was to develop a common approach to enable investors to measure and report the indirect impacts of their portfolios in a consistent and comparable way.

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The Model initially focused on estimating the impacts of investments on economic value-add and employment. In 2021, we joined a working group led by FMO to align the Joint Impact Model with the requirements of The Global GHG Accounting and Reporting Standard for the Financial Industry from the Partnership for Carbon Accounting Financials (PCAF). The PCAF standard enables financial institutions to measure and disclose the GHG emissions financed by their loans and investments in line with the recommendations of the Task Force on Climate-Related Financial Disclosures.

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Given the lack of quality GHG emissions data available, especially in emerging markets, the JIM is a powerful tool to enable counterparties to estimate GHG emissions in line with the PCAF Standard. Thanks to the JIM, FinDev Canada is able to measure and report the GHG emissions associated with all our loans and investments.

Better understanding the climate impact of our investment and financing activities is a critical first step to align our portfolio with the Paris Agreement.