OTTAWA — The government of Prime Minister Mark Carney has announced $342.5 million in Canadian climate finance commitments for 2026, including $116 million in projects announced this week at the UN climate conference in Türkiye.Environment Minister Julie Dabrusin confirmed the figures on Friday in a joint statement with British climate minister Katie White at COP31 in Antalya.The commitments are $219 million to the Global Environment Facility, $7.5 million to the Pacific Resilience Facility and $116 million in climate finance projects announced during the conference.The funds are intended to help developing countries deal with climate change, protect natural ecosystems, and prepare for extreme weather.The statement gave no project-by-project breakdown of the $116 million, or any indication of how much of the total $342.5 million is being spent outside the original budget.The announcement comes as Canada and the UK have again made it clear they are committed to ramping up international climate finance, even as pressure on government budgets increases..In April, Ottawa announced a separate objective of delivering over $13 billion in climate-related assistance to developing countries over five years.That commitment encompasses public grants, loans, investments via the international development banks and private financing raised through Canadian institutions.The government hasn't put the full $13 billion out as direct federal spending.Dabrusin and White said Canada and the UK remain committed to the international financing targets agreed at COP29 in 2024.Under that agreement, developed countries are expected to lead in mobilizing at least $300 billion a year for developing countries by 2035 (the wider ambition is $1.3 trillion a year from public and private sources)."Investing in climate action is a moral imperative and an economic necessity for all of us," the ministers said in their joint statement."Climate action is intrinsically linked to energy security and economic growth.".They also recognized the financial pressures on governments as they called for increased investment in international climate programs."Given the difficult fiscal climate we're all in, we still urge all stakeholders, and in particular all countries who are in a position to do so, to invest in bold climate action with us."The statement also touched on a new financing initiative involving FinDev Canada, the British International Investment and Norfund (Norway).The three DFIs intend to work in partnership to mobilize $10 billion for climate-related investments in emerging markets by 2030.The 10by30 initiative will focus on projects in renewable electricity, power transmission, energy storage, and industrial decarbonization.The $10 billion figure is a collective financing target of the three institutions and private investment, not a new spending commitment from Ottawa..Canada has also announced $14M for the Ocean Risk and Resilience Action Alliance, an initiative focused on ocean conservation and supporting coastal communities.The joint statement didn't say whether that amount was included in the other climate finance commitments announced for 2026.Since 2015, Canada has provided over $14.3 billion in international climate finance (according to the federal government).Ottawa estimates the funding will help developing countries avoid or reduce about 658 megatonnes of greenhouse gas emissions by 2050 and assist over 40 million people in adapting to the impacts of climate change.Dabrusin is heading Canada's delegation at COP31 (Nov 9-20).The delegation also includes Diana Fox Carney (PM's wife), attending as Canada's Ocean Envoy ahead of the Our Ocean Conference, which Canada will host next year.The government has not provided a consolidated figure for the cost of Canada's participation in COP31, including travel, accommodation and operation of its national pavilion.
