Canada Commits $450 Million to UN Fund for Climate Change in Developing Nations
On Wednesday, the climate minister of Canada announced that the country will provide a substantial amount of $450 million to the primary fund of the United Nations.
This contribution aims to assist developing nations in managing the challenges posed by climate change. As preparations for the UN COP28 climate negotiations are underway, concerns regarding financial aspects have already arisen. The discussions revolve around finding effective strategies to reduce CO2 emissions. Developing countries assert that they require additional support to handle the escalating expenses resulting from climate change-induced disasters.
Steven Guilbeault, Canada’s environment and climate minister, the recent commitment reflects a significant increase of 50% compared to the country’s previous pledge to the UN Green Climate Fund. Furthermore, he stated that the government intends to introduce a distinct plan in the coming weeks to eliminate domestic subsidies for fossil fuels that are deemed “inefficient.
This term encompasses subsidies that either promote excessive consumption or hinder the progress of clean energy. By phasing out such subsidies, Canada aims to allocate additional funds towards the development and implementation of environmentally friendly alternatives.
“We need more money, and we need more money from all sources,” said Guilbeault,
The funds being contributed are not newly allocated but are part of Canada’s existing comprehensive $5.3 billion commitment towards climate finance. This commitment was doubled by the country in 2021.
The failure of wealthy nations to deliver the promised climate finance has contributed to mistrust during negotiations concerning the approach to addressing climate change. It is anticipated that affluent nations will finally fulfill their promise this year by providing $100 billion in climate funding, albeit three years later than initially pledged.
The commitment made by Canada falls significantly below the actual requirements of poorer nations as they grapple with escalating droughts, floods, and wildfires.
