The United Nations Framework Convention on Climate Change held a Fast-Start Financing Information Event this week, at which the Canadian delegation shared an overview of Canada’s fast-start financing to date.
The details of the update are similar to an earlier announcement post on the Canada’s Action on Climate Change website, but also confirms the Halifax Initiatives’ analysis in its June 2012 that:
Canada’s largest contribution to fast-start climate financing is concessional lending to developing countries or private sector entities through multilateral financial institutions. The above numbers include funds for the International Development Research Centre for adaptation research, $250 million in concessional finance for private sector initiatives in the Americas, and $292 million to the International Finance Corporation of the World Bank Group to support private sector clean energy projects in developing countries.
Canadian priorities emphasize mitigation projects, especially in partnership with the private sector, while financing for adaptation initiatives represents a very small proportion of overall contributions. Canada has not given any indication of its commitments to climate change finance after 2012.
For another opinion, see the recent study released by Oxfam on Fast-Start Funding pledges
We will post further updates and analysis from our colleagues in Doha as they become available.