Today, ahead of the seventh Ministerial on Climate Action (MoCA7), the Honourable Steven Guilbeault, Minister of Environment and Climate Change, on behalf of the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada, announced a $450 million contribution to the second replenishment of the Green Climate Fund (GCF), the world's largest dedicated climate change fund and a critical funding mechanism of the Paris Agreement.
This contribution is a 50 percent increase from Canada's 2019 pledge to the GCF's first replenishment. This funding, which is a part of Canada's $5.3 billion climate finance commitment, will directly support developing countries' clean energy transitions and climate-resilient sustainable development as more extreme climate impacts are being felt around the globe. Through its contribution to the GCF, Canada is helping lead the clean energy transition and meet the 1.5 degrees Celsius climate target. Funding announced today could, for example, enable the advancement of clean and renewable energy projects in Indonesia and across the Southeast Asia region, aiding countries as they drive transition from coal-fired power. Helping achieve this transition is a key element of Canada's support for the region as part of its Indo-Pacific Strategy.
Following the adoption of the Kunming-Montréal Global Biodiversity Framework, Canada welcomes the GCF's leadership in supporting developing countries' actions to conserve, restore and protect nature and biodiversity.
In 2022, Minister Guilbeault and Jennifer Morgan, German State Secretary and Special Envoy for International Climate Action, published the Climate Finance Delivery Plan Progress Report, which outlines the steps contributors are taking to meet the goal this year, and are continuing the dialogue with other countries to ensure their commitments are upheld.
