Canada to ensure that more than $1B of its climate finance addresses the twin crises of climate change and biodiversity loss

GLASGOW, UK, Nov. 6, 2021 /CNW/ - Climate change and biodiversity loss are intrinsically connected, which is why a coordinated approach to tackle them both is essential. Nature-based solutions, such as conserving carbon-rich natural areas and restoring wetlands, can help countries tackle both these challenges.

To address these interconnected crises, Canada will allocate at least 20 percent of its $5.3 billion climate finance commitment to nature-based climate solutions with biodiversity co?benefits in developing countries over the next five years. This represents more than CA$1 billion. Earlier this week, the Prime Minister announced at COP26 that Canada would provide $15 million in support for the Ocean Risk and Resilience Action Alliance and the Global Fund for Coral Reefs. This funding will help developing countries build domestic capacity to take climate action, build resilience, and advance adaptation efforts while also increasing biodiversity.

As part of the High Ambition Coalition for Nature and People and the Global Ocean Alliance, Canada is leading the way to build support for an international target to protect 30 percent of our lands and oceans by 2030.

Canada's climate finance commitments have already helped countries take nature-based action through initiatives such as the Pacific Initiative for Biodiversity, Climate Change and Resilience (Kiwa Initiative). This initiative is helping to make Pacific island ecosystems, economies and communities more resilient to the impacts of climate change.

Canada has been clear that we cannot solve the climate crisis without nature, nor solve the nature crisis without stabilizing the climate. Canada is championing the development of an ambitious post-2020 Global Biodiversity Framework with clear targets and actions as a way of focusing the world's collective efforts to stem the loss of biodiversity and the degradation of nature. Canada will continue its work with international partners towards a new Global Biodiversity Framework to be finalized at the United Nations Convention on Biological Diversity COP15 next spring in Kunming, China.

Quotes

"Canada's new commitment to nature-based climate solutions in the poorest and most vulnerable countries makes it explicit: the twin crises of climate change and biodiversity loss must be tackled together. A nature-positive, net-zero future is the key to the fight against climate change. By all working together, we can provide nature with the support it needs for our collective survival."
? The Honourable Steven Guilbeault, Minister of Environment and Climate Change

"Nature is our ally to combat both climate change and biodiversity loss. Nature-based climate solutions are particularly important for developing countries that are at the highest risk yet are the least resourced to act. That's why, when Canada stepped up and doubled its climate pledge to $5.3 billion over five years, it also increased its support for nature and nature-based solutions for those who need it most."
? The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada

"Canada was privileged to play a leading role in international climate finance, focusing on the twin crises or climate change and biodiversity. We have a responsibility to support the developing world in building a carbon-neutral, nature-positive world, and Canada, along with many international partners, is stepping up."
? The Honourable Jonathan Wilkinson, Minister of Natural Resources

Quick facts

• At the 2021 G7 Leaders' Summit, the Prime Minister announced a doubling of Canada's international climate finance commitment to $5.3 billion over the next five years.
• Recent global assessments highlighted that biodiversity is declining at a rate unprecedented in human history, with up to one million species at risk of extinction. Climate change is one of the five main drivers of biodiversity loss.
• Domestically, Canada is investing over $4 billion through the Natural Climate Solutions Fund to plant two billion trees and restore and improve the management of forests, grasslands, wetlands and agricultural lands. These actions will help reduce greenhouse gas emissions and increase carbon sequestration, while providing a host of biodiversity, climate change adaptation and human well-being co-benefits.
• As part of its nature?based solutions, the Government of Canada has also committed to promoting the rights, knowledge, and leadership of Indigenous Peoples in conservation, including by supporting Indigenous-led stewardship initiatives. These initiatives provide important cultural, health, and physical benefits for Indigenous communities, while supporting healthy ecosystems that provide conservation and climate benefits for all Canadians.

Associated links

• Canada's international climate finance
• UK COP26 Presidency releases Climate Finance Delivery Plan, led by German State Secretary Flasbarth and Canada's Minister Wilkinson ahead of COP26

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SOURCE Environment and Climate Change Canada