International Climate Finance
A key role for nature-based solutions
This document details the nature-based solutions component of the Green Budget Coalition recommendations on international climate financing for the 2020 Budget.
In the Paris Agreement, Canada and other developed countries pledged to continue efforts to mobilize climate finance, setting a collective goal of at least $100 billion USD per year to help developing countries adapt to climate change and undertake low-carbon development. So far, the bulk of Canada’s funding has gone towards technological approaches to mitigation, such as clean energy and renewables, and adaptation measures that don’t necessarily provide mitigation benefits. To support climate mitigation and adaptation in developing countries, the Green Budget Coalition recommends that Canada:
- Increase its contribution to international climate finance to at least $2.9 billion annually, in line with our share of responsibility for anthropogenic CO2 in the Earth’s atmosphere.
- Apply at least half for nature-based solutions (NBS; also known as natural climate solutions), which involve sequestering more CO2 in natural ecosystems, especially forests, and avoiding emissions from loss and degradation of forest and other natural ecosystems.
NBS measures, helpful also within Canada, are cross-cutting, addressing both climate mitigation and adaptation, while furthering biodiversity conservation and providing benefits to local communities and indigenous people. They thus help fulfill Canada’s commitment to provide financial resources that achieve a balance between adaptation and mitigation, while also helping developing countries with biodiversity conservation (Convention on Biological Diversity) and Sustainable Development Goals.Download the complete recommendation
Founding Director, International Conservation Fund of Canada (ICFC)
Executive Director, ICFC