Canada doubles its international climate finance at G7
June 13, 2021-- ICFC welcomes the Prime Minister’s announcement at the G7 that Canada will double its international climate finance, to $5.3 billion over five years. While considerably less than we had recommended in our brief to the federal government and as a member of the Green Budget Coalition, this nevertheless represents significant progress.
In a communique, G7 leaders reaffirmed the collective developed countries goal to jointly mobilise US $100 billion per year from public and private sources, through to 2025. Canada's share of cumulative carbon emissions from developed countries is 3.7% (and 2% including all countries). ICFC recommends an annual contribution from Canada of $3.5 billion in public money.
We can only avoid dangerous levels of climate change if we provide significantly greater assistance to developing countries and take strong domestic action. Investments in climate finance assistance made now will pay off over decades as we help lower-income countries follow green pathways in developing their economies and as we help them reduce local climate change impacts through adaptation measures that include protecting and restoring natural ecosystems..
More climate finance can be applied to adaptation measures by making greater use of nature-based solutions (NbS). But ICFC advises that care must be taken in selecting NbS. Reducing the loss and degradation of tropical forests, grasslands, peatlands and coastal ecosystems is the top priority. Restoring ecosystems is also of value but this does not mean adding commercial plantations or afforestation of grasslands. Coastal ecosystems protect against rising sea levels and storms, while forests, grasslands and wetlands protect water sources and guard against flooding and landslides. NbS actions must furnish strong climate adaptation/mitigation gains while benefitting biodiversity and fully engaging local communities.
With the G7 2030 Nature Compact, G7 leaders pledged to halt and reverse biodiversity loss by 2030 through a suite of comprehensive action on biodiversity and climate.
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