head of COP27, Canada and Germany today released a Progress Report on the Climate Finance Delivery Plan that looks at the collective progress and key actions still required by developed countries to deliver on the commitment to jointly mobilize US$100 billion in climate finance per year, as soon as possible.

“As the world confronts the rising impacts of climate change, it is more vital than ever for developed countries to make good on their commitments on climate finance, and to provide developing countries the resources to fight climate change, and cope with its consequences. It is our duty, and in our own self-interest, to help them build climate resilience, and more sustainable, low-carbon economies. Canada remains steadfast in its commitment to work with others to reach the collective US$100 billion goal as soon as possible. The Climate Finance Delivery Plan Progress Report shows that though we are making progress, more needs to be done.”

– The Honourable Steven Guilbeault, Minister of Environment and Climate Change

“The urgency of the climate crisis puts a strong focus on delivering climate finance to the areas most needed now by developing countries. While the Progress Report on last year’s Climate Finance Delivery Plan shows the richness of activities happening, it is clear that more action is needed, especially more clarity on the collective doubling of adaptation finance. As a group of contributors, but also as shareholders of Multilateral Development Banks, we need to continue to work together to push for more climate ambition in the global financial system.”

– Jennifer Morgan, State Secretary and Special Envoy for International Climate Action, Germany

“It is clear that developed countries, and the global financial system, must do more to support developing countries to decarbonize and adapt to the impacts of climate change. I want to thank Minister Guilbeault, Special Envoy Morgan, and the developed countries who have contributed to this Report, for their ongoing commitment to help rebuild trust around the US$100 billion goal. The Delivery Plan Progress Report is an important response to the call for enhanced transparency and predictability on climate finance. But we know that the US$100 billion goal is just the beginning of rebuilding trust among all countries, and now the critical next step is for finance to reach climate vulnerable countries as soon as possible.”

– Alok Sharma, President of COP26

• In 2009, developed countries agreed to jointly mobilize US$100 billion per year by 2020 to support developing countries in taking climate action. This was reaffirmed in the Paris Agreement, where the Parties agreed to extend the US$100 billion goal through to 2025.

• Based on estimates from the Organisation for Economic Co-operation and Development (OECD) in July 2022, climate finance provided and mobilized by developed countries reached US$83.3 billion in 2020, which represents significant growth over the near-zero levels of climate finance mobilized in 2009.

• At the request of the COP26 presidency, in 2021, Canada and Germany prepared a Climate Finance Delivery Plan to demonstrate how, and when, the collective US$100 billion climate finance goal will be met. The plan was released in the lead up to COP26 and based on the analysis of the OECD.

• When adopting the Paris Agreement at COP21, the Parties agreed to set a New Collective Quantified Goal from a floor of US$100 billion per year, taking into account the needs and priorities of developing countries for the period starting in 2025. At COP26, the Parties agreed to an ad hoc work program from 2022–2024, in order to establish the post-2025 goal.

• At COP26, the Glasgow Climate Pact urged developed countries to at least double their collective provisions of adaptation finance from 2019 levels by 2025. The Glasgow Climate Pact also calls on MDBs, development finance institutions, and the finance sector to scale up adaptation finance. In addition, the Parties were encouraged to find new ways to mobilize adaptation finance from the private sector. 

• In 2021, Canada doubled its own climate finance commitment to CAD$5.3 billion over five years (2021–2026). This commitment increases the provision of funding for adaptation to a minimum of 40 percent, which more than doubles funding for adaptation compared to Canada’s commitment for the previous five years, in line with the objectives set by the Glasgow Climate Pact.

• Canada’s climate finance goes beyond its public commitment, including international assistance with other climate change components, private climate finance mobilized through public investment, climate-relevant investments by Crown corporations, and core contributions to MDBs.

• Germany’s total climate finance commitment amounts to at least EUR6 billion per year by 2025 at the latest. In 2021, Germany reached EUR5.34 billion in total climate finance from budgetary sources. Out of this, 49 percent went into adaptation. Including mobilized private finance, German climate finance amounts to EUR8.1 billion.

Associated links

• Climate Finance Delivery Plan Progress Report: Advancing the Ten Collective Actions
• Climate Finance Delivery Plan: Meeting the US$100 Billion Goal
• Canada’s International Climate Finance
• Germany’s International Climate Finance
• UN Conference on Climate Action: COP27

Kaitlin Power
Press Secretary
Office of the Minister of Environment and Climate Change
819-230-1557
Kaitlin.Power@ec.gc.ca

Media Relations
Environment and Climate Change Canada
819-938-3338 or 1-844-836-7799 (toll-free)
media@ec.gc.ca

Environment and Climate Change Canada’s Twitter page

Environment and Climate Change Canada’s Facebook page