Baku, Azerbaijan, 12 November 2024:
Today at COP29, Environment and Climate Change Minister Steven Guilbeault announced the launch of GAIA, a new finance platform to mobilize climate investments in vulnerable regions.
Soomin Han, Climate Finance Policy Analyst at Climate Action Network Canada, issued the following statement in response:
“This announcement shows that Canada is listening and taking steps to meet the needs of Global South countries. As Minister Guilbeault acknowledged, the Least Developed Countries (LDCs) and Small Island Developing States (SIDS) are most vulnerable to impacts of the climate crisis despite having done the least to cause it.
“The Global South has repeatedly pointed out the need for climate financing to be non-debt-inducing; countries need quality climate finance that is concessional and comprised of grants. The 2024 UNEP Adaptation Gap report showed that adaptation finance to developing countries falls short of what’s needed by US $187-359 billion a year. The historic underfunding must be addressed, and Canada’s prioritization of adaptation with this new platform shows they are taking tangible steps to close this gap.
“However, efforts must be strengthened through a fair and ambitious climate finance goal that delivers for developing countries at the scale and quality needed. As Canada works to land an agreement on the new New Collective Quantified Goal (NCQG) at COP29, it must encourage other Global North countries to step up. That requires public provision of finance in grants and grant-equivalent terms, and addressing the financing gap with the inclusion of adaptation and loss and damage subgoals alongside mitigation under the NCQG.”
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Canada’s farthest-reaching network of organizations working on climate and energy issues, Climate Action Network – Réseau action climat (CAN-Rac) Canada is a coalition of more than 160 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.
For more information or to arrange an interview, contact:
Vicky Coo, Communications Manager
comms@climateactionnetwork.ca