Canada's climate finance commitments are helping developing countries adapt to climate change

GLASGOW, UNITED KINGDOM, Nov. 2, 2021 /CNW/ - Climate change is a global crisis that requires global action to help those most in need. Today at the COP26 climate meeting in Glasgow, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, attended the African Adaptation Acceleration Summit where he announced that Canada will contribute $37.5 million to the Least Developed Countries Fund (LDCF), up to $10 million to the Adaptation Fund that will support vulnerable countries against the devastating impacts of climate change, and up to $10 million for the National Adaptation Plan (NAP) Global Network.

With the additional support to the LDCF, this Fund will continue to address the adaptation needs of the poorest and most vulnerable countries through critical, on-the-ground projects related to water, agriculture and food security, disaster risk management and prevention, and fragile ecosystems. The Adaptation Fund supports projects and programs that help vulnerable communities in developing countries to adapt to climate change. Increased funding to the NAP Global Network will continue to build on results achieved to date and advance gender responsive capacity building. Funding for these important initiatives comes from Canada's $5.3 billion international climate finance commitment over the next five years. Minister Guilbeault also announced that Canada will increase its provision of funding towards climate adaptation to a minimum of 40 percent.

Adaptation finance is critical to the success of COP26, particularly for vulnerable countries in Africa still struggling from the COVID-19 pandemic while seeking to build back in a more climate-resilient manner. So far, the speed and scale of climate finance in Africa have been insufficient to meet the urgent needs of climate change impacts, such as extreme heat and drought. 

Canada's previous international climate finance commitment of $2.65 billion has been delivered over the past five years and projects are expected to result in benefits including reducing or preventing 222 megatonnes of greenhouse gas emissions, helping 5.9 million people adapt to the effects of climate change in vulnerable communities, as well as contributing to the mobilization of additional climate finance investments from the private sector.

Quotes

"The devastating impacts of climate change are being felt not only in Canada, but all around the world. Developing countries are uniquely vulnerable to extreme weather events linked to climate change. Severe droughts in the Horn of Africa are causing immense suffering and shine a harsh light on the urgent need for collective action on climate adaptation. Climate change is a global challenge that requires bold solutions, and Canada will continue to be there to increase the scope, scale and speed of climate action around the world."
? The Honourable Steven Guilbeault, Minister of Environment and Climate Change

"Canada recognizes the particular challenges faced by developing countries, especially Least Developed Countries, in adapting to the increasing threats of climate change. That is why we have committed to increasing our support to critical and concrete programs delivered by our partners on the ground, including in Africa. This will directly help communities most at risk adapt to climate change and build resilience the impacts of climate change."
? The Honourable Harjit S. Sajjan, Minister of International Development

Quick facts

• Canada is among several countries that have already answered the international call to increase their Climate Finance contributions with the announcement in June 2021 that Canada is doubling to $5.3 billion over five years.
• Natural disasters worsened by climate change are estimated to cost approximately US$18 billion per year in low- and middle-income countries.
• In 2009, developed countries committed to a goal of mobilizing jointly US$100 billion a year by 2020 to help developing countries fight climate change and adapt to its impacts. This commitment has been an important part of international climate discussions since it was introduced. This collective goal was reconfirmed under the Paris Agreement as Parties committed to continue to deliver on this goal through 2025.
• Canada worked with Germany to develop a plan to deliver on the US$100 billion Climate Finance goal.
• The United Kingdom holds the Presidency of COP26, this year's international climate meeting and negotiations. Climate Finance and adaptation are two key themes for COP26.

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SOURCE Environment and Climate Change Canada