Recently Francois Holland, the President of France, spoke out strongly for developed nations to be generous with their contributions to the Green Climate Fund. This Fund will assist developing nations to mitigate their GHG emissions and adapt to climate change.
President Holland stressed that progress in limiting climate change must be the goal of COP 21. He considers that progress will only be possible if the developed nations provide the money that the Green Climate Funds needs.
What moneys has Canada pledged to other countries to help them fight climate change?
At Copenhagen, Canada promised to advance $1. 2 billion in start up moneys for developing countries, our share of financial package of $10 billion per year for 2010-2012 pledged by developed countries.
Canada advanced almost three-quarters of this amount by way of loan through the World Bank. Expected repayments will reduce the absolute amount benefitting developing countries by 50%.
There is also a question whether Canada is “robbing Peter to pay Paul”. Meaning: Is Canada reducing the amount of its monetary aid to needy countries? And then re-labelling this amount as climate funds?
The Prime Minister of Australia, a climate change ally of the Canadian Government, adopted this strategy following the G20 summit held in Australia in 2014.
At that same G20 summit, Canada committed a further $300 million (Cdn) in funds over the period up to 2020. The deadline for the first instalment was April 30, 2015. Canada failed to make the payment, and will probably ignore pleas for contributions to help COP21 be a success.
As citizens of a country with an outstanding record of defaults on climate change issues, this conduct confirms what we have often said: we have nothing to be proud about.