Canadian officials said they believe the COP28 summit will bring breakthroughs in efforts to establish a fund to support countries suffering the effects of climate change.
In a background briefing with reporters, federal government officials outlined Ottawa’s priorities for the United Nations climate change summit, which begins Thursday in Dubai.
An official who was not authorized to speak publicly confirmed Canada expected to create a loss and damage fund.
“What we expect at this COP is the announcement of a new fund in this regard, and countries will be in a position to provide funding on a voluntary basis,” the official said.
The official said the idea behind the fund is to help countries and communities vulnerable to climate change cope with its impacts.
A committee under the United Nations Framework Convention on Climate Change (UNFCCC) is conducting negotiations. the terms of that fund;.
According to a draft document posted on the UNFCCC website, the proposed fund would address both economic and non-economic impacts, including extreme weather events.
The fund could cover a wide range of climate-related costs, including humanitarian assistance, sea-level rise displacement, relocation, migration, climate information and data, and climate-resilient rebuilding and recovery.
The UNFCCC proposes that the Fund be managed by a Board of Directors with representatives from the Asia-Pacific region, Africa, Latin America, the Caribbean and small island states.
COP28 could result in losses and undermine fiscal commitments
It is not clear whether this fund will be called a “loss and damage” fund. Negotiations are underway regarding the name of the fund.
“Member states are united and we believe a conclusion to the negotiations is in sight. The agreement appears to be holding,” the federal government official said.
The official added that the international community could start leveraging the new fund at COP28 with commitments from countries.
“There is still work to do, but we are achieving a very important step in the process with this COP,” the official said.
featured videosStephen Guilbeault, Canada’s Minister of Environment and Climate Change, spoke to reporters about his priorities for the United Nations Climate Change Summit.
Setting new international climate financing targets
The COP Climate Summit is a United Nations conference hosted annually by different countries. These are global decision-making forums established to: United Nations Framework Convention on Climate Changeadopted in the early 1990s and subsequent climate agreements.
The Loss and Damage Fund is not the first financial instrument established by the COP Conference. In 2009, the world’s richest countries pledged to provide $100 billion annually in climate finance at the COP15 conference in Copenhagen, Denmark.
The agreement was based on the recognition that developed countries are primarily responsible for producing the emissions that cause climate change, which now disproportionately impact poorer countries.
The European Union and the 23 COP15 countries have committed to fulfilling their financial commitments by 2020. The US $100 billion goal was formally approved at a subsequent summit, and the deadline was extended to 2025. However, countries have kept their original 2020 commitments.
The total amount of climate finance provided and mobilized by developed countries reached $89.6 billion, according to the latest figures from the Organization for Economic Co-operation and Development (OECD).
“Based on preliminary and unverified data, the target is likely to have already been achieved by 2022,” the OECD report said. state.
It will take another year or two to determine whether the goal has been achieved.
With an eye toward achieving this goal, the senior government official mentioned one of the other “big pieces” of progress Canada will make in the Dubai COP negotiations.
“We are setting new fundraising targets because we know the need is huge globally,” they said.
The OECD estimates that by 2025, developing countries will need around $1 trillion a year in climate investment and financing. This is expected to increase to approximately $2.4 trillion annually between 2026 and 2030.
The OECD report said countries need to leverage public, private, domestic and international funding to close the gap.
A senior government official said the Dubai negotiations were unlikely to set any new concrete targets. Still, discussions will focus on “the work plan and the way forward,” and Canada does not intend to discuss targets “prematurely.”
The official said the development of targets would be the subject of discussions and negotiations next year.
In addition to promoting climate finance, Ottawa’s goals for COP 28 include tripling renewable energy intake and ensuring global emissions peak in 2025; This includes limiting this century’s warming to a critical threshold of 1.5°C above pre-industrial levels.
