Climate Action Network Canada reacts to the One Planet Summit in Paris, and Canada’s role there

IMMEDIATE RELEASE

Real World results will drive the success of the Paris Agreement

Climate Action Network Canada reacts to the One Planet Summit in Paris, and Canada’s role there

December 12, 2017

“A flurry of new commitments at the One Planet Summit have infused real political energy and new momentum on climate finance, particularly on the push for faster, more effective action in the crucial years before 2020. This is an important moment as the world has been watching to see whether the Paris Agreement can deliver, particularly in light of the United States’ announced withdrawal from the global deal and the breakdown of climate finance negotiations at last month’s UN climate conference (COP23) in Bonn.

Major developments today included:

• Canada’s new financing partnership with the World Bank to help developing countries get free of coal and speed up small island states’ adoption of renewable energy;
• UK Prime Minister Theresa May announcing more than 20 new members of the Powering Past Coal Alliance, originally launched less than a month ago by the UK and Canada at COP23;
• The World Bank’s blockbuster decision to stop financing oil and gas exploration and extraction projects in 2019, a massive step in the right direction that sets a new, higher standard for other international financial institutions to live up to;
• French insurance giant AXA’s commitment to stop insuring tar sands and new coal projects and divest more than €3 billion (CAD $4.5 billion) from companies in those sectors.

The One Planet Summit shows how the real economy is recalibrating to implement the Paris Agreement and deliver a low-carbon world. But a one-day political summit is only as good as the action it generates. Citizens and civil society organizations around the world will be watching to see how quickly financial flows are shifted to free up the trillions of dollars required to bring the Paris Agreement to life.

As one of the founders of the Powering Past Coal Alliance, Canada’s move to put its money where its mouth is and partner with the World Bank to finance the coal-to-clean energy transition in developing countries and small island states is a great example of the action required. Now attention must turn, in Canada and around the world, to phasing out fossil fuel subsidies. Countries can’t adequately fund climate solutions while they continue to fund the problem.”

-30-

CONTACT: Catherine Abreu, Executive Director, CAN-Rac Canada | +1 902 412 8953 catherineabreu@climateactionnetwork.ca

Canada’s primary network of organizations working on climate change and energy issues, CAN-Rac is a coalition of more than 100 organizations operating from coast to coast to coast. Our membership brings environmental groups together with trade unions, First Nations, social justice, development, health and youth organizations, faith groups and local, grassroots initiatives.

Photo: (Philippe Wojazer/Reuters)