The Government of Canada is planning to commit $300 million contribution to the Green Climate Fund.
The proposal was announced by Minister Leona Aglukkaq, which builds on Canada’s previous significant investment under the Fast-Start Financing Initiative.
The fund aims supporting projects, programs, policies and other activities to address climate change in developing countries.
The Government of Canada has delivered on this investment of $1.2 billion in funding which supports climate change adaptation projects as well as increasing renewable energy in more than 60 developing countries.
In addition, Canada is a founding member and major financial contributor to the Climate and Clean Air Coalition, focused on organizing global efforts to manage short-lived climate pollutants.
Besides, Canada is progressing towards the development of action to tackle short-lived climate pollutants under its Chairmanship of the Arctic Council.
The Green Climate Fund targets 50 per cent investment of its resources to support adaptation, where half of the funding goes to the poorest countries.
The Government of Canada has already decided on GHG emissions of domestic transportation and electricity sector with regulatory actions to limit the growth of hydrofluorocarbons and to further reduce emissions.
Canada’s economy got lifted to 10.6 per cent, but the GHG emissions have decreased by 5.1 per cent from 2005 – 2012.
Canada has one of the cleanest electricity systems in the G7 and in the world, and around three quarters of the electricity supply has no GHG emission.
In addition, Canada accounts for less than 2 percent of global GHG emissions.
The Government’s funding pledge demonstrates Canada’s commitment to establish a fair, effective international agreement in Paris next year that includes binding obligations on all major emitters, explained the minister.
The Green Climate Fund’s strong focus on helping the poorest countries with adaptation and promoting private sector investment will play a key role in addressing climate change globally. Canada will continue to protect its environment and support the economy moving towards a new climate agreement in 2015 that must include all major economies and major emitters, pointed out the minister.