Tashi Farmilo
LJI Reporter

As the world faces escalating climate challenges—rising temperatures, destructive storms, and
alarming biodiversity loss—Canada is calling for bold, collective action at the United Nations
Climate Change Conference (COP29) in Baku, Azerbaijan. Environment and Climate Change
Minister Steven Guilbeault is leading the charge, urging global leaders to agree on a
transformative climate finance goal to address the scale and urgency of the crisis.

“Canada has come to COP29 ready to secure a new climate finance goal that addresses the
nature and scale of the climate crisis,” Guilbeault stated. “Outside the halls of these important
negotiations, the urgency of action is undeniable. Rising global temperatures, more frequent
extreme weather events like wildfires and hurricanes, and the rapid loss of biodiversity all
demonstrate the profound and lasting impacts that climate change is having on the planet.”

Guilbeault’s words are set against a backdrop of growing concern. This year, Canada suffered
its worst year on record for insured losses from wildfires and floods, with thousands of
Canadians displaced and billions of dollars in damages. Nations in the Global South—
particularly Small Island Developing States and Least Developed Countries—face existential
threats from rising seas and severe droughts. Guilbeault stressed the moral and practical
imperative of aiding these nations. “We need to scale up investment in mitigation and
adaptation, particularly to support the most vulnerable nations and communities,” he said. “A
new collective finance goal is a critical step to help us get there.”

The negotiations at COP29 centre on the New Collective Quantified Goal (NCQG), which would
replace the $100 billion annual target set in 2009. That figure, while significant at the time, has
proven inadequate in addressing the growing scale of climate impacts. Guilbeault stressed that
the NCQG must be more than just a financial target—it must provide a clear framework for
effective and accessible funding that ensures the global community keeps the 1.5 degrees
Celsius target within reach.

“While the numbers are critical, we also need the right framework,” he explained. “A framework
that makes finance more accessible, acknowledges existing financial contributions, and helps
close the global investment gap is how we encourage everyone to deliver finance effectively.”
Canada has already taken steps to address these concerns. At last year’s COP28, it pledged
$16 million to launch the Fund for Responding to Loss and Damage, designed to help nations
recover from irreversible climate impacts. This year, the Canadian government announced the
creation of GAIA, a $1.48 billion finance platform aimed at supporting clean energy projects and
climate resilience in up to 25 developing countries. With 70 per cent of GAIA’s funding directed
toward adaptation projects and 25 per cent allocated to vulnerable states.

“Finance is all about partnership,” Guilbeault noted. “Increasing investments to support clean
energy, clean cooking, and energy security require reforms to ensure that funding reaches the ​
people and communities on the frontlines of climate change in developing countries, including
Indigenous peoples, women, workers, and young people.”

As negotiations continue, Guilbeault’s focus remains on building trust among nations. “Things
have changed significantly since the first goal was set,” he said, reflecting on lessons learned
since the original $100 billion commitment. “The development of a new goal provides us with a
collective opportunity to show that the Paris Agreement is working to tackle the climate crisis.
Let us show the world that we can keep 1.5 degrees Celsius within reach and agree to a finance
goal that will help us get there.”

The stakes for COP29 are monumental, not only for vulnerable countries but for the global
economy and the planet’s future. Guilbeault’s closing message underscored both the challenge
and the opportunity at hand: “We came here with a purpose, and we understand our
responsibilities.”

Photo: Canada’s Environment Minister Steven Guilbeault addresses global leaders at COP29,
calling for a transformative climate finance goal and emphasizing the urgency of bold action to
support vulnerable nations and keep the 1.5°C target within reach. (TF) Photo: Hermine Landry,
Minister Guilbeault’s Press Secretary