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GLASGOW, United Kingdom, November 3, 2021 / CNW / – Climate finance is integral to the fight against climate change and helps developing countries adapt to its worst impacts. Today at COP26 As delegates focused their attention on funding a strong and sustainable effort to tackle climate change, the Minister of Natural Resources, the Honorable Jonathan wilkinson and the Minister of Environment and Climate Change, the Honorable Steven Guilbeault, meet with stakeholders and country representatives to highlight from Canada contribution to climate finance. They also underscored the need for developed countries to push forward plans to ensure climate finance is delivered effectively, efficiently and at scale.

At a press conference with Jochen Flasbarth, germany The Secretary of State at the Department for the Environment, Nature Conservation and Nuclear Safety, and Minister Wilkinson underlined the CanadaGermany Climate finance execution plan.

The implementation plan, released last week, specifies when and how developed countries will meet the $ 100 billion Annual climate finance target to 2025. The Plan helps maintain momentum and facilitate important conversations by ensuring that we collectively meet the goals of the Paris Agreement.

While developed countries have dramatically increased their commitments to climate finance over the past decade, much remains to be done to meet the targets. $ 100 billion goal.

Canada is at the forefront of advancements in climate finance and recently accepted a request for COP26 President-elect Alok Sharma to work with Germany produce a delivery plan targeting the $ 100 billion commitment to build confidence that developed countries will keep their promises.

The plan sets an estimated trajectory for climate finance by 2025, taking into account new climate finance commitments from developed countries and multilateral development banks, as well as collective qualitative actions aimed at improving the delivery of climate finance. . The Plan shows that developed countries will make significant progress towards $ 100 billion target in 2022 and gives the assurance that it will be reached in 2023 and thereafter until 2025.

Estimate

“It is extremely important that developing countries can have confidence that the developed world will keep its promises, starting with the $ 100 billion climate finance target. Canada doubled its commitment to climate finance earlier this year and is proud to have taken on this leadership role with Germany at the request of COP26 President-elect. While there is still work to be done, I hope we can inspire confidence that the developed countries will keep their promises to the developing world and that Canada will continue to be a constructive actor to this end at the international level. “

The Honorable Jonathan Wilkinson
Minister of Natural Resources Canada

“Developing countries are the hardest hit by the impacts of climate change. It is our responsibility as developed countries to live up to our goal and deliver $ 100 billion in climate finance. Through the Climate Finance Delivery Plan, we are demonstrating that even though we will be late, we will achieve the goal. Address this priority before COP26 would not have been possible without the leadership that Canada and Germany play.”

The Honorable Steven Guilbeault
Minister of the Environment and Climate Change

Fast facts:

  • Climate finance plays a critical role in helping developing countries tackle climate change and adapt to its impacts. This is why, in 2009, developed countries agreed to mobilize $ 100 billion in climate finance per year by 2020, and in 2015 agreed to extend this target until 2025.
  • In June 2021, the Prime Minister of Canada announced that Canada double its international commitment to climate finance to $ 5.3 billion over the next five years. from Canada increased commitment to climate finance includes an increased focus on adaptation and recognizes that urgent action is needed to address the interconnected crises of climate change and biodiversity loss, which disproportionately affect the poorest and most more vulnerable.
  • The OECD has supported work on this implementation plan with its expert analysis which provides comprehensive and forward-looking estimates of an increase in climate finance from 2021 to 2025.
  • The UK holds the presidency of COP26, this year’s international climate meeting and negotiations. Climate finance is one of the four COP26 goals, a key priority for the UK COP26 Presidency.

Related products

Official website of COP26 (Only English)
from Canada Climate finance
Climate finance implementation plan
from Canada strengthened climate plan: a healthy environment and a healthy economy
OECD Forward-Looking Scenarios on Climate Finance Provided and Mobilized by Developed Countries in 2021-2025

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SOURCE Natural Resources Canada

For further information: Contacts: Natural Resources Canada, Media Relations, 343-292-6100, [email protected] ; Ian Cameron, Senior Communications Advisor, Office of the Minister of Natural Resources, 613-447-3488, [email protected] ; Joanna Sivasankaran, Press Secretary, Office of the Minister of Environment and Climate Change, 819-790-1907, [email protected] ; Media Relations: Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll free), [email protected]

Related links

www.nrcan.gc.ca


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