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Canada’s COP28 Highlights, Part 2: Climate Financing, the Global Stocktake, and a Historic Decision
Last week, we highlighted Canada’s commitments and activities in the first half of COP28. Here are a few major highlights from these final days.
- Engaged in dialogue about strategic climate financing.
- Held an open discussion between youth, government, industry, and leaders to address mental health and climate cynicism: Intergenerational Climate Panel: From Disillusionment to Systemic Collective Action.
- The Canadian Commercial Corporation, on behalf of the Government of Canada, began a Canadian energy efficiency initiative with the Jordan Ministry of Energy and Mineral Resources.
- The Minister met with the Manitoba Métis Federation Cabinet to discuss the effective integration of Indigenous peoples into the United Nations Framework Convention on Climate Change.
- In Canada’s National Statement speech, Guilbeault announced Canada’s commitment to develop a federal nature accountability bill in 2024. The framework will provide concrete steps to implement biodiversity and nature commitments through 2030.
- Celebrated the first anniversary of Biodiversity COP15, which took place in Montréal last year.
- Convened an event to discuss a new phase of the Global Carbon Pricing Challenge. Canada allows each province and territory to set individual carbon pricing at or above the national standard.
- Published a fourth protocol of the Greenhouse Gas Offset Credit System to mitigate enteric methane emissions from cows through strategic agricultural best practices.
- In a meeting with the US, a joint statement was released on the Renewed Commitment on Climate and Nature Ambition, which includes methane regulations, net-zero power commitments, estimates of social costs of greenhouse gases, clean procurement commitments, promotion of low-emission goods trading, and sustainably managed forests.
The social cost of GHGs: Did you know Canada estimated the social cost of greenhouse gas emissions? In April 2023, the government estimated it costs $261 CAD per ton emitted. Having estimates like this helps people, businesses, and governments understand the impacts of planetary crises so we can better address them.
Met with nations, such as Brazil, Italy, New Zealand, Egypt, Japan, and China to discuss collaborative initiatives.
- Supported low-carbon construction and sustainably managed forests by announcing a coalition for Greening Construction with Sustainable Wood between Canada, Kenya, and France.
Because of the national basis of the Paris Agreement, the nature of its guidance is scattered. For example, the Paris Agreement only suggests that developed countries establish targets. On a positive note, a historic decision based on the first Global Stocktake (GST), an initiative under the Paris Agreement, officially recognized that fossil fuels are a key contributor to climate change and called for a transition to cleaner energy sources and technologies. Specifically, the decision encourages nations to contribute to emissions reductions targets that align with the 1.5 C global warming limit. The decision calls for nations to work towards:
- Renewable energy and energy efficiency
- Reduction of unabated coal power
- Net-zero emission energy systems
- Justly transitioning away from fossil fuels and phasing out inefficient subsidies
- Zero- and low-emission technologies
- Reduction of Non-CO2 emissions (i.e., methane)
- Emissions reduction in road transport
In 2024, a finance goal will be agreed upon, which will provide direction for the next decade and beyond, giving life to decisions made at COP28.
For more details on Canada’s daily COP28 highlights, visit the Government of Canada’s daily highlights summary page.