Minister Guilbeault Announces Major Canadian-Led Climate Finance Platform at COP29
November 12, 2024, Sharm el-Sheikh, Egypt – During the World Leaders Climate Action Summit at COP29, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, announced the launch of a major new Canadian-led climate finance platform.
The platform, known as the Global Climate Finance Partnership (GCFP), will bring together governments, multilateral institutions, philanthropies, and the private sector to mobilize and coordinate climate finance investments in developing countries.
“Climate change is the most pressing issue facing our planet, and it is essential that we mobilize all available resources to address it,” said Minister Guilbeault. “The Global Climate Finance Partnership will play a vital role in scaling up climate finance and supporting developing countries in their efforts to transition to a low-carbon, climate-resilient future.”
The GCFP will be a multi-stakeholder partnership that will work to:
- Mobilize new climate finance investments: The platform will work to attract new sources of funding from governments, the private sector, and other partners.
- Coordinate climate finance investments: The platform will help to coordinate climate finance investments across sectors and regions, ensuring that they are aligned with the priorities of developing countries.
- Provide technical assistance and capacity building: The platform will provide technical assistance and capacity building to developing countries to help them access and effectively use climate finance.
The GCFP will be housed at the World Bank and will be led by a Steering Committee of representatives from governments, multilateral institutions, and the private sector.
The launch of the GCFP was welcomed by leaders from around the world.
“Climate change is a global challenge, and it requires a global response,” said António Guterres, Secretary-General of the United Nations. “The Global Climate Finance Partnership is a welcome initiative that will help to mobilize the resources we need to address this urgent crisis.”
“The Global Climate Finance Partnership is an important step forward in our efforts to support developing countries in their climate action,” said Kristalina Georgieva, Managing Director of the International Monetary Fund. “The platform will help to coordinate and scale up climate finance investments, and it will provide much-needed technical assistance to developing countries.”
The GCFP is a significant contribution to the global effort to address climate change. The platform will help to mobilize the resources we need to support developing countries in their transition to a low-carbon, climate-resilient future.
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