Canada announces support for new carbon-pricing initiative at COP25

MADRID, Dec. 10, 2019 /CNW/ - Countries around the world recognize that to address climate change effectively, it cannot be free to pollute. By putting a price on pollution, governments catalyze climate action and create clean jobs for their citizens.

At the international climate conference COP25, Canada's Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson, today announced a contribution of $5 million to support the Partnership for Market Implementation, at the World Bank. This partnership will assist developing countries in designing, piloting, and implementing carbon-pricing tools that work for them.

Climate change disproportionally impacts developing countries, and they are least equipped to respond to its impacts. Transformational financial investments will help communities develop the tools to fight climate change and adapt to its harmful consequences.

The initiative will leverage other existing World Bank initiatives on carbon pricing such as the Carbon Pricing Leadership Coalition, which includes the Government of Canada. This funding announcement follows Canada's earlier commitment of $275 million to the World Bank, which was used to create the Energy Transition and Coal Phase-Out Program.

This new contribution is part of Canada's $2.65 billion climate finance commitment to help developing countries, particularly the poorest and most vulnerable, reduce emissions, adapt to climate change, and transition to low-carbon economies.

Quotes

"The Government of Canada has already begun implementing our climate plan, which includes over 50 different measures. A central part of our plan involves putting a price on pollution and rebating the money back to families. Here at COP25, Canada is proud to work with other supporters of pricing pollution to help grow the international momentum for this important policy tool and for other financial tools that help fight climate change. This new partnership led by the World Bank will help to advance job creation and emissions reductions in developing countries."
– The Honourable Jonathan Wilkinson, Minister of Environment and Climate Change

"In supporting this initiative, Canada is continuing to deliver on its commitment to improve the effectiveness of our international assistance through innovative ways of mobilizing private-sector finance for developing countries. This initiative helps ensure the sustainability of climate change mitigation efforts in developing countries, supports the Sustainable Development Goals, and responds to developing countries' interest in implementing carbon pricing."
– The Honourable Karina Gould, Minister of International Development

Quick facts

• This project adds to over $1.7 billion in climate finance investments already announced as part of Canada's climate finance commitment.
• In 2009, countries agreed to mobilize from public and private sources US$100 billion a year, by 2020, to help developing countries fight climate change.

Related products

• Climate finance

Associated links

• World Bank release
• Canada's international climate finance
• Canada announces new support for international climate action and coal phase-out
• Prime Minister announces investment in Global Climate Change Action
• COP25 official website (Spanish and English only)

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SOURCE Environment and Climate Change Canada

Contacts: Sabrina Kim, Press Secretary, Office of the Minister of Environment and Climate Change, 819-743-7138, [email protected]; Media Relations, Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll-free), [email protected]