Quebec has delivered historic, innovative climate finance pledgeDate: 05 December 2015
Today the Chair of the Least Developed Countries (LDCs) Group welcomed a pledge from the Quebec government of $ CAD 6 million to the Least Developed Countries Fund (LDCF).
The historic and innovative pledge, made by Philippe Couillard, Premier of Quebec, in the presence of Michaëlle Jean, Secretary General of the Francophonie and Vice President Al Gore, has set a new tone for cooperation and innovative climate financing.
Chair of the LDC Group, Mr Giza Gaspar-Martins of Angola said: “This announcement from the Premier of Quebec represents the first significant contribution by a sub-national government to a multilateral climate fund. Changing economic realities provide an opportunity for expanding the donor base, allowing non-state actors, such as the Government of Quebec, to show strong leadership and initiative.”
The pledge will be channelled into the only dedicated climate fund channelling money to adaptation projects for the world’s poorest nations.
The LDCF has an immediate purpose of helping the LDCs urgently adapt to immediate climate change impacts that are happening now – a process known as National Adaptation Programmes of Action (NAPAs).
There are urgent adaptation needs that need to be met and so far this has not been forthcoming, with the NAPAs only securing one fifth of their funding to date through the LDCF. The LDCs welcome this show of climate solidarity from Quebec.
Giza added: “This contribution also raises an opportunity to encourage the role of innovative sources of finance arising from other share of the proceeds. For example the Quebec regional carbon trading scheme, which was a source of revenue for adaptation finance in this case. It shows that this model can work, which is heartening news for the world’s most vulnerable countries.”
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