"Mr. President, Your Excellencies, and distinguished guests, I am happy to join you here in Sharm El-Sheikh.
"This September, Atlantic Canada felt the wrath of Hurricane Fiona. Lives were lost, homes destroyed, and coastlines severely eroded. Canada's experience is clearly not unique. There are other significant challenges facing our world-Russia's illegal invasion of Ukraine, energy and food security, and inflation. However, the cost of climate inaction far outweighs the cost of taking action.
"Colleagues-we are at a historic turning point. Canada advocates for loss and damage to be addressed at this COP27. We must build together a robust solution that addresses gaps in the existing architecture and employs a full range of sources of finance. The magnitude of the challenge requires that all options be put on the table.
"We are putting some pieces into place on early warning systems, insurance and technical assistance. But we know that these actions alone are not sufficient-they are a down payment to demonstrate our commitment. We need to act with urgency but also purpose and avoid rushing headlong into solutions.
"Success at this COP also requires us to build from the foundation made in Glasgow-we must keep 1.5 degrees Celsius within reach. To this end, I encourage you to join Prime Minister Trudeau's Global Carbon Pricing Challenge and work with us on reducing methane emissions and accelerating the phase-out of coal-fired power.
"I also call on us all to include, empower, and learn from the most vulnerable nations and communities-the Indigenous peoples, women, and marginalized groups at the frontline of climate change.
"Together, we committed to reach our $100 billion climate finance goal by 2023. Canada is delivering on its $5.3 billion Climate Finance Commitment. We must also keep nature and biodiversity protection at the heart of our global approach.
"And this is why, this December, Canada will welcome the world to Montréal for the United Nations Conference on Biological Diversity. Canada is a ready, willing, and fully-committed partner in advancing cooperation, climate action, and nature protection. Thank you."
