Canada's Trudeau announces US$908 million in climate funding at COP26

Canadian Prime Minister Justin Trudeau participated in COP26 and announced a number of new policies and funding pledges amounting to more than CA$1.1 billion (US$908 million) to support Canada's role in fighting climate change.

The financial pledges include:

  • Investments of up to CA$58 million (US$47 million) to help the world’s most vulnerable countries adapt to the climate crisis; 
  • A pledge of CA$55 million (US$44 million) over three years for CGIAR, a global research partnership that aims to transform agriculture and food systems to strengthen food security, end hunger, promote gender equality, create new jobs, and deliver climate and environmental benefits globally;
  • A pledge of up to CA$1.0 billion (US$803 million) through Canada’s international climate finance contribution for the Climate Investment Fund's Accelerated Coal Transition Investment Program to help low-income countries transition from coal to clean power; 
  • A total pledge of CA$15 million (US$12 million) for ocean conservation focused on supporting both Small Island Developing States and biodiversity initiatives; and
  • An endorsement for the UK‑led Global Forest Finance Pledge, which aims to identify US$12.0 billion in public climate finance from 2021 to 2025, to support forested partner countries.

Furthermore, the Prime Minister announced the following policies and initiatives: 

  • A call for global leaders to work together to triple global emissions covered by pollution pricing to 60% by 2030; 
  • An announcement highlighting the Government of Canada’s proposal to deliver eligible Canadians’ Climate Action Incentive on a quarterly basis, starting in July 2022, which puts a price on pollution and encourages Canadians to innovate and lead initiatives to develop a cleaner economy; 
  • A commitment to accelerating Canada’s clean energy transformation by working with provinces, territories, and industry to ensure that Canada’s electricity grid achieves net-zero emissions by 2035; 
  • A reaffirmation of Canada’s support for the Global Methane Pledge to reduce total methane emissions by at least 30% by 2030; and
  • A commitment to reducing methane emissions in the oil and gas sector by at least 75% below 2012 levels by 2030, and to pursuing methane reductions across economic sectors.

Press release - Prime Minister of Canada