Ahead of COP27, Canada and Germany today released a Progress Report on the Climate Finance Delivery Plan that looks at the collective progress and key actions still required by developed countries to deliver on the commitment to jointly mobilize US$100 billion in climate finance per year, as soon as possible. International climate finance helps developing countries combat and adapt to climate change, while striving to address biodiversity loss, especially for the poorest and most vulnerable countries, which are particularly impacted by climate shocks.
Despite the geopolitical, economic, and environmental challenges and uncertainties the world is facing, developed countries remain committed to continued collective advancement toward the US$100 billion goal. The Progress Report focuses on four key action areas:
- Calling on all partner nations to enhance the transparency of climate finance and commitment to double adaptation finance.
- Reducing the barriers to make it easier for developing countries to access climate finance.
- Enhancing the delivery of climate finance from Multilateral Development Banks (MDBs) to increase and improve climate finance.
- Improving the effectiveness of mobilizing private finance.
Canada and Germany co-led the development of this Progress Report at the request of the COP26 presidency, and with the collective and valuable contributions of developed countries, MDBs, and climate funds closely related to the United Nations Framework Convention on Climate Change. In developing this report, the Honourable Steven Guilbeault, Canada's Minister of Environment and Climate Change, and Jennifer Morgan, Germany's State Secretary and Special Envoy for International Climate Action, conducted extensive outreach with developing countries, civil society organizations, and think-tanks to hear their perspectives on how climate finance can be improved, as well as how the Progress Report can further enhance transparency and collaboration.
While significant progress has been made since the Climate Finance Delivery Plan was launched ahead of COP26 last year, further efforts are still needed to improve the scale, efficiency, and access to climate finance, and to deliver on the US$100 billion goal. The Progress Report will help push the conversation forward at COP27 and beyond, as focus turns to the post-2025 goal for climate finance.
