OTTAWA, Nov. 20, 2014 /PRNewswire/ -- Minister Leona Aglukkaq announced today that the Government of Canada is continuing to play a leadership role on the international stage by making a significant funding contribution to the Green Climate Fund. Canada will provide $300 million to the Green Climate Fund, which is aimed at supporting projects, programs, policies and other activities to address climate change in developing countries.
This funding announcement builds on Canada's previous significant investment under the Fast-Start Financing Initiative. The Government of Canada has fully delivered on this investment of $1.2 billion in funding which supports a range of projects focused on climate change adaptation and 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 that is focused on marshalling global efforts to tackle short-lived climate pollutants. Canada is also advancing the development of action to address short-lived climate pollutants under its Chairmanship of the Arctic Council.
- The Green Climate Fund is aiming to invest 50 per cent of its resources to support adaptation, with half of the adaptation funding going to the poorest and most vulnerable countries.
- Domestically, the Government of Canada has already taken decisive action on two of Canada's largest sources of GHG emissions — transportation and electricity.
- Earlier this year, the Government announced further regulatory actions to limit the growth of hydrofluorocarbons and to further reduce emissions in the transport sector.
- Canada's economy has increased 10.6 per cent, while Canada's GHG emissions have decreased by 5.1 per cent between 2005 and 2012.
- Canada boasts one of the cleanest electricity systems in the G7 and in the world, with more than three quarters of our electricity supply emitting no GHGs.
- Canada accounts for less than 2% of global GHG emissions.
"Our Government's funding pledge today demonstrates Canada's commitment to establish a fair, effective international agreement in Paris next year that includes binding obligations on all major emitters. 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. We will continue to protect our environment and support our economy as we move towards a new climate agreement in 2015 that must include all major economies and major emitters."
– The Honourable Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency and Minister for the Arctic Council
For more information and to view a backgrounder on this announcement, please visit "Canada's Contribution to the Green Climate Fund" at Canada.ca.
Director of Communications
Office of the Minister of the Environment
SOURCE Environment Canada