Minister Guilbeault shared a statement as Canada wraps up its participation at the 29th United Nations Climate Change Conference (COP29).
"Canada came to COP29 with a purpose: to demonstrate that multilateralism matters-both to respond to the climate crisis, and to support ambitious and inclusive international climate action. Throughout the two weeks of COP29, our Canadian delegation worked in good faith and in the spirit of solidarity to promote Canadian interests, human rights, workers' rights, and the rights of Indigenous peoples, and to maintain and build on the momentum from COP28 last year in Dubai.
"While this was commonly called the "Finance COP", for Canada this summit was all about the importance of partnership. Canada united with ambitious countries from all regions of the world to push for strong mitigation outcomes; played a leading role in key climate finance negotiations; and listened carefully to the requests from Small Island Developing States and Least Developed Countries. Canada worked to find common ground and led and engaged in strategic engagements to advance our priorities.
"Canada welcomes the outcome on a new collective climate finance goal. Canada remains committed to supporting developing countries in their climate efforts. We will work with all partners to scale up public and private finance, and to improve access and support for the poorest and most vulnerable. Canada continues to make climate finance a priority in the implementation of the Paris Agreement.
"Canada successfully pushed for the adoption of a renewed work program on gender and in support of Indigenous peoples. We welcome the outcome to increase transparency and to strengthen the integrity of international carbon markets. In Baku, we pushed for concrete steps to advance the interests and rights of workers, as more governments and industries invest significantly in climate solutions.
"Our climate ambition remains unchanged. We will do our part to drastically reduce global emissions while creating good-paying jobs in the clean economy. Canada understands its responsibility and is committed to putting forward an ambitious 2035 climate plan.
"Despite all the challenges, we have shown again that the Paris Agreement is working.
"The world is steadily bringing down global temperature forecasts. We are tackling global emissions; investing in innovation; implementing clean energy solutions; and leading a global shift that is critical to our prosperity. We can do this."
Quick facts
- While in Baku, Minister Guilbeault demonstrated the new models of climate finance that are possible internationally with the announced launch of GAIA, a $2 billion climate finance platform that leverages funds through independent partners like the Japanese MUFG Bank. Funds from GAIA will go up to 25 emerging markets and developing economies, with 70% of funding dedicated to adaptation to climate change.
- At COP29, nearly 200 countries adopted the New Collective Quantified Goal (NCQG) on climate finance and reached a breakthrough agreement that will triple public finance to developing countries, from the previous goal of US$100 billion annually to US$300 billion annually by 2035, and secure efforts of all actors to scale up finance to developing countries from public and private sources to the amount of US$1.3 trillion per year by 2035.
- The Canada Pavilion welcomed thousands of visitors from around the world and hosted 65 events showcasing Canada's leadership on climate action, nature-based solutions, sustainable finance, and Canadian clean technologies-while discussing gender equality, youth perspectives, and the critical role of Indigenous knowledge and climate leadership, and the importance of workers in building and deploying climate solutions.
- As countries around the world prepare to announce their next round of emissions reduction targets-called Nationally Determined Contributions or NDCs-Canada announced $1.25 million to support the United Nations Secretary-General's Climate Action Team project, which is working to mobilize countries to submit credible and ambitious NDCs in 2025.
- Canada also announced over $12.5 million aimed at halting biodiversity loss; supporting communities to adopt climate smart practices; empowering women conservationists in Madagascar; and supporting biodiversity in Mozambique, South Africa, and Zimbabwe to improve protected areas and enhance livelihoods for over 180,000 people in vulnerable communities in the Great Limpopo Transfrontier Conservation Area.
- Canada is committed to international action to reduce methane and industrial greenhouse gas emissions. As a Global Methane Pledge Champion, Canada signed an open letter (PDF) during COP29 calling on all Pledge participants, as well as subnational governments, private companies, and non-governmental actors, to continue and accelerate efforts to reduce methane emissions as rapidly as possible in this critical decade and beyond. Canada also signed onto the global pledge on Scaling International Assistance for Industry Decarbonization; the COP29 Declaration on Reducing Methane from Organic Waste; and the Statement of Methane Abatement Partnership Roadmap.
- As a proud member of the High Ambition Coalition, Canada signed the High Ambition Coalition COP29 Leaders' Press Statement.
- Canada gave support to several other important international declarations and initiatives, including the Baku Global Climate Transparency Platform; the COP29 Declaration on Multisectoral Actions Pathways (MAP) to Resilient and Healthy Cities; the COP29 Declaration on Water for Climate Action; the Risk-Informed Early Action Partnership (REAP); and the Baku Initiative on Human Development for Climate Resilience.
- Canada, along with the United Kingdom, is co-chair of the Powering Past Coal Alliance and was pleased to welcome Uganda and Standard Chartered as new members during COP29; applauded the launch of the updated Powering Past Coal Alliance Finance Principles to help spur investments for earlier retirement of coal power plants; and signed onto the No New Coal Call to Action.
- Canada was pleased to welcome Finland and Uruguay as new members, and Nigeria as a Friend, of the Canada-led Global Carbon Pricing Challenge, seeking to expand the use of carbon pricing to cover 60% of global emissions by 2030.
