This year’s international talks will be dominated by a tough battle over how Canada and other rich nations, which are the biggest emitters of global warming, will compensate other countries struggling to combat climate change.
There are pressing questions on the table. How much should these countries pay? Which countries should contribute? And how will the money be raised?
The answers will likely determine how much money developing countries will get for everything from renewable energy projects to wetland protection.
Failure to reach new targets at the annual UN climate talks could undermine confidence in landmark international agreements. It could also be a blow to efforts to limit global warming, observers say.
What is climate finance? The UN climate talks have recognised that the more developed and higher-emitting countries have a greater responsibility to address climate change. In this context, Canada and 22 other developed countries are responsible for half of global carbon emissions since the mid-19th century. Even though their populations make up just 12 per cent of the world’s population, Canada is one of the world’s worst polluters per capita. Other countries include the United States, Japan, Australia and Western Europe.
Canada and 22 other developed countries agreed in 2009 to provide $100 billion annually by 2020 to help other countries reduce their carbon emissions and protect their citizens from the harms of climate change. This funding comes from public and private finance. Such as government loans and grants or private sector investment in emerging green technologies.
