The pledge comes as countries prepare for this year's UN COP28 climate negotiations. Questions around finance are already looming over the talks on how to cut CO2 emissions, which poorer nations say they cannot do without more support to cope with spiralling costs from climate change-fuelled disasters.
He said the government will present a separate plan within weeks to eliminate so-called "inefficient" domestic subsidies for fossil fuels, a term that can mean those that encourage wasteful consumption or hamper clean energy. That could also free up more money for green alternatives. The cash is not new. It comes from Canada's existing overall $5.3 billion climate finance pledge, which the country doubled in 2021.
That pledge falls far short of poorer countries' real needs in the face of worsening droughts, floods and wildfires, impacts also hitting wealthier nations like Canada, which is on track for itsVulnerable nations are pursuing other avenues to unlock climate finance, including the Barbados-led "Bridgetown Initiative" to reform multilateral finance institutions.contributing climate finance should also be updated - potentially to include China, the world's second-biggest economy.