Question Period Note: Canada's Climate Finance

Canada's 2015 Paris Climate commitment to provide $2.65 billion (2015/2016 to 2020/ 2021) to help developing countries tackle climate change.

• Canada is delivering on its pledge to provide $2.65B by 2021 to assist developing countries most vulnerable to climate change. To date, more than $1.7 billion in funding has been announced as part of this commitment.

• Canada's climate finance is expected to reduce or avoid 2800 megatons of greenhouse gas emissions and to help close to 3 million people in developing countries, including small island developing states, adapt to climate change.

• Canada aims to reduce the disproportionate impacts of climate change on women and girls by placing them at the heart of our efforts. This includes making sure their voices as entrepreneurs, farmers and household decision-makers, are heard and can contribute to climate solutions

Climate change is one of the greatest challenges facing humanity. Developing countries, particularly the poorest and most vulnerable, are hardest hit by climate change and many have limited capacity to prevent and cope with its consequences. Canada's international climate finance supports programs and initiatives that help developing countries manage risks and build resilience to the impacts of climate change, and manage resources sustainably.

Canada is providing $2.65 billion over five years (2015/16 - 2020/21) to help developing countries in the transition to a low-emissions and climate-resilient global economy. Canada's funding is being delivered through a range of bilateral and multilateral channels, in areas such as clean technology, climate-smart agriculture, sustainable forestry and watershed management, and climate resilience.

Canada is pursuing gender-responsive climate action. We work to ensure that climate-related planning, policymaking and financing acknowledge and address the particular needs and challenges of women and girls. We also support employment and business opportunities for women in climate-related industries like the renewable energy sector; and strengthen women's economic empowerment in areas of climate adaptation, including climate-smart agriculture.

Recognizing the key role of the private sector in supporting both climate and sustainable development goals (SDG) commitments, Canada will invest approximately $1.8 billion of its $2.65 billion climate finance commitment through blended finance initiatives intended to share risk in order to mobilize urgently needed private capital for climate mitigation and adaptation investments in developing countries.To do this, Canada is working through Multilateral Development Banks and Global Funds. For example, Canada has established climate-focused private sector funds at a number of MDBs, including a $250 million fund with the International Finance Corporation to mobilize private capital for global climate action. Canada has also pledged a total of $600 million to the Green Climate Fund, which is a global fund helping developing countries mitigate and adapt to climate change.

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