Minister Guilbeault and Germany’s Jennifer Morgan confirm contributors are on track to meet US$100 billion international climate finance goal ahead of COP28
May 4, 2023 – Gatineau, Quebec
Canada continues to play a leadership role on the world stage, driving ambitious action with international partners to fight climate change, biodiversity loss, and pollution.
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.
Canada released the Climate Finance Delivery Plan with Germany in September 2021, ahead of the United Nations Climate Change Conference, COP26. The report projected that the US$100 billion goal would be achieved in 2023 and based on the positive updates from this meeting, contributors fully expect to meet the goal this year and will continue their efforts through 2025.
This meeting took place ahead of the Petersberg Climate Dialogue from May 2–3, co-hosted by Germany and the United Arab Emirates, where Canada advanced its international climate change objectives and set the stage for the 2023 United Nations Climate Change Conference (COP28) in the United Arab Emirates later this year.
The US$100 billion climate finance goal was one of the key commitments that was reaffirmed at the conference. Heading into COP28, Canada confirmed other key priorities, including: the global financial transformation necessary to achieve the Paris Agreement goals; the role of the first-ever global stocktake under the Paris Agreement in enhancing collective ambition; as well as loss and damage finance for the most vulnerable countries and communities.
Canada will continue its push to achieve an ambitious outcome at COP28 and is determined to work diligently to achieve a sustainable future, as well as ensuring full implementation of the Paris Agreement and other climate commitments.
“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.
Office of the Minister of Environment and Climate Change
Environment and Climate Change Canada
819-938-3338 or 1-844-836-7799 (toll-free)
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