The federal government is committing $450 million towards the United Nations’ (UN) Green Climate Fund (GCF), which Environment Minister Steven Guilbeault’s department says is intended to help developing countries establish their own “clean energy transitions and climate-resilient sustainable development.”
It adds that the GCF’s project portfolio includes over 215 approved projects supporting climate “adaptation and mitigation in 129 countries” as of this March, which the department says totals “a committed amount of US$12 billion of GCF funding, and a portfolio amounting to US$45 billion.”
“The GCF plays an important role in supporting and advancing the voices of those in developing countries who are disproportionately impacted by climate change, including women and girls, Indigenous peoples, and the most disadvantaged communities,” said the Environment Department, on July 12.
Canada’s additional funding announcement for the GCF comes as countries prepare new commitments for this year’s UN COP28 climate conference, to begin in late November.
“We need more money, and we need more money from all sources,” Mr. Guilbeault said after making the announcement on July 12, adding that other countries and the private sector should also be increasing their climate commitments.
“Would I like Canada to put even more money on the table? I’m the environment and climate change minister, I’m not the finance minister, unfortunately. But I think we can always do better.”
The bank says the partnership is aimed at attracting investments from around the world to “reduce or prevent greenhouse gas emissions, strengthen resilience and reduce vulnerability to climate change, and protect the environment.”
