Baku – To kick off his participation at the World Leaders Climate Action Summit at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Steven Guilbeault, Minister of Environment and Climate Change, provided the following statement to launch GAIA, a new finance platform that will mobilize climate-focused investments in vulnerable regions. Supporting their resilience is crucial to our collective global effort in fighting climate change and securing a sustainable future for everyone.
“Canada came to COP29 ready to secure a new goal and new funding sources for the climate finance needed to support developing nations’ efforts to address the causes and impacts of climate change.
“Some of the worst impacts of climate change are felt among developing nations in the global south, whether it be the hurricanes that have rocked the Caribbean, sea-level rise impacting small island nations, or drought conditions that threaten the livelihood of many. Climate finance is essential to bridge the gap in support for people who bear the least responsibility for climate change, but who can profoundly benefit from innovative projects to address it. Partners in numerous developing nations have been asking for accessible investments to fund solutions that will benefit adaptation and mitigation needs.
“Today, Canada is announcing the launch of GAIA, an innovative US$1.48 billion blended finance platform that aims to increase the availability of climate finance for high impact climate action projects in up to 25 emerging markets and developing economies. Seventy percent of the platform will support adaptation projects and twenty-five percent of the funds will be invested in small island developing states and least developed countries.
“Co-founded by FinDev Canada in partnership with the Mitsubishi Financial Group (MUFG), with an anchor investment from the Green Climate Fund, GAIA brings together much-needed public and private capital and expertise to action climate finance differently. Canada, with its climate finance, has been demonstrating leadership and innovation. GAIA is a strong example of this innovation and is a model that can be replicated to mobilize funding from a range of sources and partnerships to meet our climate finance goals. Innovative and accessible funding models like this are what we need to scale up climate financing and meet growing global needs.
“This is an incredibly exciting initiative that responds directly to the needs of emerging markets and developing economies. Canada looks forward to seeing the range of projects that will give people in developing countries a greater level of security and well-being in the face of a rapidly changing climate.”