News in brief: Canada has pledged $450 million to support the Green Climate Fund (GCF), marking a 50% increase from its previous contribution. The funding aligns with Canada’s commitment to global climate action and clean energy transitions in developing countries, as the GCF continues its work to address climate change impacts and support vulnerable nations.
The Canadian government has announced plans to support the Green Climate Fund (GCF), with $450 million, which is the country’s second replenishment of the fund.
The amount represents a 50% increase from its support for first replenishment in 2019. It forms part of Canadaâs $5.3 billion climate finance commitment, which will directly aid clean energy transitions of developing countries. The country joins the ranks of Czech, Austria, Germany and Monaco, as nations who have pledged contributions for GCFâs second replenishment.
In a statement welcoming the contribution, the GCF said it shows Canadaâs commitment to global climate action, and its confidence in it to drive urgently needed climate progress.
GCF Executive Director, Henry Gonzalez, said the pledge constitutes great news, and is great for climate action. He says global solidarity and collective action are needed to respond to escalating climate crisis. He added that he hopes other contributors will be inspired by Canadaâs ambition and increase their support, which help the fund to continue its work of helping the most vulnerable countries.
The Canadian government restated its commitment to supporting the fight against climate change, while addressing biodiversity loss around the world. Disclosing this on behalf of the government was the Honourable Harjit S. Sajjan, Minister of International Development and Minister, who is responsible for the Pacific Economic Development Agency of Canada. He said the fund will enable the advancement of clean and renewable energy projects. He further stressed the need for partnerships in this regard as the only way to achieve a healthy planet and prosperity for all.
The minister assured that Canada is committed to ensuring the Green Climate Fund leverages private and innovative finance to strengthen climate mitigation and adaptation. He added that it will also address biodiversity loss through nature-based solutions, reduce disaster risk, and improve food systems in regions where the need is greatest like Small Island Developing states, least developed countries and African states.
The GCF supports and advances the voices of those in developing countries where people are disproportionately impacted by climate change, including women and girls, indigenous peoples, and the most disadvantaged communities. As of March 2023, the GCF project portfolio included 216 approved projects supporting adaptation and mitigation in 129 countries.
