The Canadian Coalition for Climate Change and Development (C4D) just launched a new report, Protecting Our Common Future: An Assessment of Canada’s Fast-Start Climate Financing, that assesses Canada’s fast-start climate financing contributions between 2010-12 and its commitments under the Copenhagen Accord.
The Report by C4D found that this amount was a substantial increase from previous years, represented “new” and “additional” money, as well as Canada’s “fair share” (or 4%) of the US$30 billion global commitment to fast-start financing. However, 74% of the financing was in the form of loans, rather than grants, one of the highest ratios of any other donor. Furthermore, only 18% of the financing was in the form of adaptation, falling short of a more equitable balance between adaptation and mitigation.
Among other things, the report recommends Canada build on:
- its commitments to date and continue its $400 million commitment through 2013-15,
- aim for a 50/50 balance between adaptation and mitigation,
- reduce its use of loan finance
- commit to grant financing for adaptation projects, and
- more clearly indicate how these investments are compliant with the Official Development Assistance Accountability Act.
To access a briefing paper, the full report, its supporting annexes, and a follow-up briefing note, please click on:
- Protecting Our Common Future: An Assessment of Canada’s Fast-Start Climate Finance (8 pages)
- Briefing Paper: Protecting Our Common Future Briefing Paper (16 pages)
- Annex One, Initiatives of Fast-Start Finance (34 pages)
- Annex Two, CIDA’s climate change financing (5 pages)
- Briefing Note: An Assessment of Canada’s Commitments to Fast-Start Climate Finance, 2010 to 2012. How does Canada rank in relation to other donors? (April 2014)