In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers' Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.
At the G20 meeting, Canada will continue to advance its support for building strong global health systems and growing economies that allow nations to prepare for, prevent, and respond to public health crises. Multilateral efforts are necessary to support equitable access to vaccines, therapeutics and diagnostics; and to end the global COVID-19 crisis. The Deputy Prime Minister will discuss Canada's own work to finish the fight against COVID-19 and create jobs and growth. The Deputy Prime Minister will also underscore the importance of continued global cooperation on other important fronts, including coordinated climate action and the recent once-in-a-generation agreement on international tax reform, which will end the race to the bottom in corporate taxation and ensure a level playing field for Canadian workers and Canadian businesses in the global economy.
At COP26, the Deputy Prime Minister will be part of the Canadian delegation, alongside other signatories to the Paris Agreement, to chart the course for the next decade of climate action. The Deputy Prime Minister will highlight Canada's climate action taken since COP21 (Paris) to build a clean economy, achieve net-zero emissions by 2050, and create jobs that bring everyone along. The Deputy Prime Minister will work to advocate for increased global ambition and concrete action by all.
An itinerary of events will be released in advance of the meeting.
Quotes
"The global pandemic has shown us that governments and civil society have what it takes to come together to face great challenges. It is more important than ever that the international community do what is necessary to finish the fight against COVID-19 and accelerate the green transformation of global economies. Working together collaboratively, we can build a future that is safer, healthier, with jobs and long-lasting prosperity for everyone."
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
Quick facts
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The G20 represents 85% of the global economy.
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Canada is one of 136 countries that have agreed to a new two-pillar plan on international tax reform. This agreement is the next step in the global effort to end the race to the bottom in corporate taxation and to ensure that multinational corporations pay their fair share of taxes wherever they do business and regardless of where their headquarters are located.
- Pillar One would re-allocate some taxing rights with respect to the largest and most profitable multinational corporations, including digital corporations, to the countries where their users and customers are located; and
- Pillar Two would introduce a global minimum tax on larger multinational corporations of 15% determined on a country-by-country basis.
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To date, Canada has committed over CA$2.5 billion towards the global COVID-19 response, including CA$1.3 billion to the Access to COVID-19 Tools (ACT) Accelerator and has committed to donating over 40 million vaccine doses to be shared through the COVAX Facility.
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Canada is currently one of six countries with Sweden, Germany, Norway, Saudi Arabia and Kuwait that has responded fully to the 2021 fundraising targets as determined by the ACT-Accelerator Financing Working Group.
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In November 2015, Canada and 194 other countries reached the Paris Agreement- an international agreement to address climate change that is ambitious, durable, and applicable to all parties. It recognizes the important role of subnational governments, civil society, and the private sector, and it highlights Indigenous, community, human, and gender rights.
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COP26 is the highest profile UN climate change conference since 2015 when the Paris Agreement was adopted. Hosted by the United Kingdom, COP26 will bring parties together to accelerate action towards the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change.
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Since 2015, Canada has invested approximately $100 billion toward climate action and clean growth, including as part of Canada's strengthened climate plan, including $53.6 billion in a green recovery that will build a clean economy, fight climate change, and create good, middle class jobs.
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At the G7 Leaders' Summit in June, the Prime Minister announced the doubling of Canada's international climate finance investments, from $2.65 billion in 2015 to $5.3 billion over five years, including increased support for adaptation, protecting nature and nature-based climate solutions.
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Canada is committed to increasing its 2030 target of reducing greenhouse gas emissions to between 40 and 45% relative to 2005 levels, and has committed to reaching net zero emissions by 2050.
