To kick off his participation at the World Leaders Climate Action Summit at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Steven Guilbeault, Minister of Environment and Climate Change, provided the following statement to launch GAIA, a new finance platform that will mobilize climate-focused investments in vulnerable regions. Supporting their resilience is crucial to our collective global effort in fighting climate change and securing a sustainable future for everyone.
“Canada came to COP29 ready to secure a new goal and new funding sources for the climate finance needed to support developing nations’ efforts to address the causes and impacts of climate change,” said Guilbeault.
“Some of the worst impacts of climate change are felt among developing nations in the global south, whether it be the hurricanes that have rocked the Caribbean, sea-level rise impacting small island nations, or drought conditions that threaten the livelihood of many. Climate finance is essential to bridge the gap in support for people who bear the least responsibility for climate change, but who can profoundly benefit from innovative projects to address it.”
According to Guilbeault, partners in numerous developing nations have been asking for accessible investments to fund solutions that will benefit adaptation and mitigation needs.
“Today, Canada is announcing the launch of GAIA, an innovative US$1.48 billion blended finance platform that aims to increase the availability of climate finance for high impact climate action projects in up to 25 emerging markets and developing economies,” explained Guilbeault, with 70 per cent of the platform supporting adaptation projects and 25 per cent of the funds to be invested in small island developing states and least developed countries.
Co-founded by FinDev Canada in partnership with the Mitsubishi Financial Group (MUFG), with an anchor investment from the Green Climate Fund, GAIA brings together much-needed public and private capital and expertise to action climate finance differently.
According to recent reports, there is a US$2 trillion financing gap in investment needed every year in emerging markets and developing economies to meet the Paris Agreement.
For further information on COP 29, click here.
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