Canada selected to co-lead work to build an international climate finance action plan ahead of COP26

OTTAWA, ON, July 28, 2021 /CNW/ - Canada is committed to strong global action against climate change, including international climate finance, which helps developing countries fight ? and adapt to ? climate change.

The Honourable Jonathan Wilkinson, Canada's Minister of Environment and Climate Change, has accepted an invitation from UK COP26 President Alok Sharma to co-lead a process to further build trust that developed countries stand by their commitments and deliver on the US$100 billion climate finance goal through 2025. Minister Wilkinson and German State Secretary Jochen Flasbarth will lead the development of a plan in the lead-up to COP26 in collaboration with the COP Presidency.

This is a crucial year for international climate action. The science shows that it is vital for countries to do more to address climate change and on a faster timeline to keep the Paris Agreement's goal of limiting temperature rise to 1.5°C within reach and to fully seize the economic opportunities that climate action presents, and so countries are being called on to increase climate ambition.

The Government of Canada is taking urgent action to address the climate crisis and seize the economic opportunities that it presents at home and abroad. Since 2015, the Government has invested over $100 billion in clean growth and brought forward a series of other measures, including a world-leading carbon pricing and rebate system and regulations to accelerate the phase-out of traditional coal fired electricity by 2030. These actions meant that Canada could exceed its previous 2030 emissions reductions target and bring forward a new nationally determined contribution earlier this year of 40%?45% reductions below 2005 levels by 2030.

Recognizing that climate change is a global challenge that requires global solutions, Canada has and will continue to increase the scope and scale of climate action around the world, including through the Powering Past Coal Alliance, which it is co-leading with the United Kingdom to accelerate the phase-out of coal internationally, and through the recent doubling of its climate finance pledge, from $2.65 billion in 2015 to $5.3 billion. This amount includes increased support for adaptation, the global phase-out of coal, as well as nature and nature-based climate solutions.

Canada's previous climate finance commitment of $2.65 billion has been delivered over the past five years and projects are expected to result in benefits such as reducing or preventing 222 million tonnes of greenhouse gas emissions per year, helping 5.9 million people adapt to the effects of climate change in their communities, and contributing to the mobilization of climate finance contributions from the private sector.

Going forward, the Government will continue to spot and seize opportunities with Canadians and countries around the world to mitigate and adapt to climate change.

Quotes

"The extreme impacts of climate change are being seen and felt by Canadians and many other people around the world. The climate crisis, like the pandemic, demands urgency, collective action, and global cooperation. For this reason, Canada has taken and will continue to take urgent climate action at home and abroad and this invitation from the United Kingdom underlines the leadership that Canada has demonstrated internationally on this file to date. I am pleased to be co?leading this work, which will be an important part of ensuring transparency and building trust as we head into COP26, where it is critical that all countries increase their climate ambition."

? The Honourable Jonathan Wilkinson, Minister of Environment and Climate Change

"Developing countries are the hardest hit by climate change and have limited capacity to address its consequences. Canada's international climate finance commitment will contribute significantly to the global efforts to fight climate change and halt biodiversity loss. Effective partnerships are essential to mobilizing the required knowledge, expertise, and additional financing." 

? The Honourable Karina Gould, Minister of International Development

Quick facts

• The United Kingdom holds the Presidency of COP26, this year's international climate meeting and negotiations. Climate Finance is one of the key themes of COP26.
• Canada is among several countries that have already answered the international call to double their Climate Finance contributions.
• In 2010, 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 delivering on this goal through 2025.
• Canada will work with Germany and engage with global partners on a plan to deliver on the US$100 billion Climate Finance goal.

Associated links

• Canada's Climate Finance
• Climate Finance Success Stories
• Prime Minister Trudeau's G7 Leaders' Summit News Release
• Canada's Climate Actions for a Healthy Environment and a Healthy Economy
• Alok Sharma's remarks, including the announcement of co-leads on the climate finance plan
• COP26

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SOURCE Environment and Climate Change Canada