International Climate Finance: Forest Carbon as a Natural Climate Solution
Through the Paris Agreement, Canada and other developed countries pledged to continue efforts to mobilize climate finance, setting a collective goal of at least US$100 billion per year to help developing countries address climate change impacts and undertake low-carbon development. 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 “natural climate solutions” (NCS; also known as nature-based 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.
NCS measures, helpful also within Canada, are cross-cutting, addressing both climate mitigation and adaptation, while effectively addressing biodiversity conservation and providing benefits to local communities and indigenous people. Thus, they help fulfill Canada’s commitments to help developing countries with biodiversity conservation (Convention on Biological Diversity) and sustainable development goals (United Nations 2030 Agenda for Sustainable Development).