International Climate Change Strategy 2011: Fast Start Financing

As required by the Cabinet Directive on the Environmental Assessment of Policy, Plan and Program Proposals, a strategic environmental assessment (SEA) was conducted to identify and assess the environmental effects that could arise from implementing Canada’s Copenhagen Accord fast-track financing commitments and providing a mandate to the Minister of Environment for Canada’s participation in the Green Climate Fund.

The 15th Conference of the Parties culminated in the Copenhagen Accord, a significant breakthrough in the global effort to address climate change. The Accord also provides for significant international financing, including a collective commitment by developed countries to provide new and additional resources for the 2010 to 2012 period, with adaptation funding focused on the most vulnerable, especially least developed countries, small island developing states and Africa.

The SEA of the International Climate Change Strategy concluded that this initiative would result in important positive environmental effects by supporting efforts by developing countries to reduce greenhouse gas emissions and adapt to the adverse impacts of climate change, through financing focused on three priority areas - adaptation, clean energy, and forests and agriculture.  

The SEA also determined that this initiative will support Canada’s Federal Sustainable Development Strategy (FSDS), Planning for a Sustainable Future:  a Federal Sustainable Development Strategy for Canada, under “Goal 1: Climate Change, Target 1.1 Climate Change Mitigation - Reduce greenhouse gas emission levels to mitigate the severity and unavoidable impacts of climate change.”  The initiative will also contribute to the goals outlined in the Clean Air Act, with a pro-active approach to advance the international action necessary to reduce greenhouse gas emissions impacting Canadians. 

In summary, it is expected that the initiative will result in important positive environmental effects and make a significant contribution to the achievement of the FSDS.