Canada’s International Climate Finance Profile Shows Leadership

Spotlight Activity: Canada’s International Climate Finance Profile Shows Leadership

Governments around the world recognize that developing countries are often the hardest hit by climate change given their limited resources to mitigate damage related to severe weather events, establish adaptation strategies, emissions-reduction projects, and manage natural resources.

Developed countries agreed in 2009 to mobilize US $100 billion a year by 2020 under the 2009 Copenhagen Accord to help developing countries financially achieve their climate goals. All countries committed to ambitious action on a low-emissions and climate-resilient global economy at COP 21 (December 2015). Resulting Article 9 stipulated that developed countries provide financial resources to developing countries and report biennially on both mitigation and adaptation while continuing their existing obligations under the Convention. For more details, visit https://unfccc.int/topics/climate-finance/the-big-picture/climate-finance-in-the-negotiations.

Canada’s contribution of $2.65 billion (announced November 2015) will scale up by $800 million yearly by 2020-2021. The distribution of these funds will appear with previous Canadian climate-support projects on an existing interactive map found at https://climate-change.canada.ca/finance. The map shows countries, projects, contributions, timelines, partners, and expected outcomes.

The $2.65 billion investment goes to clean technology and renewable energy, climate-smart agriculture, sustainable forest and water management, and climate-risk resilience. Canada’s commitment is in collaboration with a range of bilateral and multilateral partners. Over 2015 and 2016, Canada delivered $625 million, 54% adaptation initiatives, 42% clean energy and mitigation initiatives, and 4% to cross-cutting initiatives for both. For example, $300 million is allocated to the Green Climate Fund, the designated UNFCCC financial mechanism after the Paris Agreement approval was reached.

$2.65 billion distribution is at https://www.canada.ca/en/environment-climate-change/news/2017/06/canada_s_climatefinancesupportfordevelopingcountries.html

It is important that Canada’s global efforts use methodologies to measure, report and verify global climate financial flows, identify data gaps and ways to strengthen, enhance and improve reporting to the public.

Status: Right Direction

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