"The window to keep world temperatures below 1.5 degrees is closing, and to get there we need to continue to take bold and ambitious action toward the clean economy of the 21st century.
"Since its creation in 2009, the Major Economies Forum on Energy and Climate has given the 25 partner states an important setting to coordinate and implement ambition on climate action.
"Today's meeting focused on five important themes: decarbonizing energy; deforestation; methane and non-CO2 reduction; carbon management; and climate finance.
"The meeting comes in advance of the President of the United States' visit to Canada next week. It also comes as Russia's illegal invasion of Ukraine continues to reverberate through the energy market, causing a doubling down of investment in renewable energy in Europe, as confirmed by the International Energy Agency.
"Canada is well-positioned to be a leader of this century's economic boom of clean energy and net-zero innovation. Since 2015, we have earmarked $120 billion for clean growth and environmental protection, and our Emissions Reduction Plan is our sector-by-sector roadmap to achieve our goal of at least a 40 percent reduction in emissions by 2030 and put Canada on the road to net zero by 2050. Through initiatives like the Critical Mineral Strategy and transforming the Canadian automotive industry toward zero-emission vehicles, the Government is laying the groundwork to be a trusted supplier of the goods and services needed worldwide to fuel this future.
"Canada also has one of the most ambitious methane reduction targets in the world. We are already halfway to our 2030 goal of cutting 75 percent of oil and gas methane emissions from 2012 levels. We are also developing regulations that will cut methane emissions from landfills in half by 2030.
"Unchecked deforestation, urban sprawl and nature degradation are also key contributors to the climate crisis and the decline in biodiversity. With five months' notice, Canada stepped up to host the largest biodiversity conference in world history and played a key role in brokering the most consequential international biodiversity framework. Achieving the goal of protecting at least 30 percent of land globally will require countries to develop new approaches to land management that prevents the large-scale permanent conversion of forests for other uses. The protection of forests is critical in the fight against climate change and biodiversity loss. Canada is undertaking the largest conservation campaign in Canadian history, backed by over $5 billion in investment.
"Canada co-led a successful initiative at the last Major Economies Forum attended by world leaders in 2022 to encourage Major Economies Forum countries to support a collective goal to ensure that at least half of all new light-duty vehicles sold in 2030 are zero emission. Canada is consulting on a proposed regulated sales target which would require that at least 20 percent of new light-duty vehicles offered for sale in 2026 be zero-emission vehicles, rising to at least 60 percent in 2030 and 100 percent in 2035.
"Carbon management technologies will be an essential part of the transition to a net-zero economy by 2050. The Government of Canada has been collaborating with key stakeholders and partners to build a Carbon Management Strategy to lay out a vision for accelerating the development and deployment of carbon management technologies in Canada. The strategy will help in achieving our climate goals while creating opportunities for clean and inclusive growth.
"Addressing climate change requires global solutions and transformational financial investments to help communities around the world. In October 2022, Canada and Germany released a Progress Report on the Climate Finance Delivery Plan that provides further transparency on what developed countries have been doing to deliver on their continued commitment to jointly mobilize US$100 billion in climate finance per year as soon as possible. The plan highlights key actions required this year, and in the years up until 2025, to meet the commitment, including securing a heightened focus on climate finance from multilateral development banks.
"Bold actions are required today to stave off the worst effects of climate change tomorrow. Canada is ready and strives to be a leading player of the clean economy of the 21st century, with access to the critical minerals and renewable energy technologies needed to power the way."
