On May 1, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, co-hosted a meeting with Jennifer Morgan, German State Secretary and Special Envoy for International Climate Action, and a group of contributors to take stock of the US$100 billion climate finance collective mobilization goal, in the context of meaningful mitigation actions and transparency on implementation.

“Over the past year, Jennifer Morgan and I have been leading the work to ensure developed countries live up to our climate finance commitments. We can now confirm that we are on track to meet our ambitious goals. This funding from contributors is being delivered to the world’s most vulnerable in their efforts to fight climate change and prepare their communities for its impacts, while working to restore and expand local biodiversity. My message is clear ahead of COP28: the world must not only make ambitious commitments, but must also meet them—and I am looking forward to working with everyone to deliver on the promise of a loss and damage fund.”  

– The Honourable Steven Guilbeault, Minister of Environment and Climate Change

• International climate finance helps developing countries in their efforts to mitigate and adapt to climate change, while striving to address biodiversity loss.

• In 2009, developed countries agreed to jointly mobilize US$100 billion per year by 2020 to support developing countries in taking climate action. This was reaffirmed in the Paris Agreement, where the Parties agreed to extend the US$100 billion goal through to 2025.

• In 2021, Canada doubled its own climate finance commitment to $5.3 billion over five years (2021–2026). This commitment increases the provision of funding for adaptation to a minimum of 40 percent, which more than doubles funding for adaptation compared to Canada’s commitment for the previous five years, in line with the objectives set by the Glasgow Climate Pact. Canada also pledges at least $1 billion for nature and climate investments and Canada’s first Indigenous Peoples Partnering for Climate investments.

• The 2022 Progress Report on the Climate Finance Delivery Plan focused on four key action areas:

  • Calling on all partner nations to enhance the transparency of climate finance and commitment to double adaptation finance.
  • Reducing the barriers to make it easier for developing countries to access climate finance.
  • Enhancing the delivery of climate finance from Multilateral Development Banks to increase and improve climate finance.
  • Improving the effectiveness of mobilizing private finance.

• During the Petersberg Climate Dialogue, Canada reiterated its commitments to:

  • Meeting climate targets, including those made in the Paris Agreement and Glasgow Climate Pact, on mitigation, adaptation, loss and damage, and finance.
  • A 1.5°C pathway, transitioning to a net-zero economy, and achieving climate neutrality no later than 2050, including through accelerated decarbonization this decade.
  • Working with its international partners to move forward on our shared global environmental objectives, including the full and effective implementation of the landmark Kunming-Montréal Global Biodiversity Framework to halt and reverse global biodiversity loss by 2030.
  • Playing a leadership role in international negotiations for a new, legally-binding instrument to end plastic pollution.

Associated links

• Climate Finance Delivery Plan Progress Report: Advancing the Ten Collective Actions
• COP15 Statement from the Minister of Environment and Climate Change
• Canada Wraps up its Participation at COP27 More Committed Than Ever

Kaitlin Power
Press Secretary
Office of the Minister of Environment and Climate Change
819-230-1557
Kaitlin.Power@ec.gc.ca

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