From 11 November 2024 to 22 November 2024, the 29th United Nations Climate Change Conference or Conference of the Parties of the UNFCCC (COP29), was held in Baku, Azerbaijan. Throughout Canada’s presence at COP29, a number of national announcements and initiatives were launched.
First, on 12 November 2024, Canada’s Minister of Environment and Climate Change Steven Guilbeault announced the launch of a new USD 1.48 billion finance platform. Named “GAIA”, the platform is aimed at mobilizing climate-focused investments to 25 emerging market countries in Asia, Africa, and Latin America. The portfolio of investments will be allocated with 70% for climate adaptation projects and 30% for climate mitigation projects. Eligible projects include water and sanitation, energy generation and access, low-carbon transport, and green buildings. An agreement will need to be reached between the participating parties of GAIA to mobilize the platform, co-founded by FinDev Canada in partnership with the Mitsubishi Financial Group (MUFG) and investments from the Green Climate Fund.
On the same day, Canada signed on to the European Commission’s new Methane Abatement Partnership Roadmap with the aim to reduce methane emissions throughout the oil and natural gas supply chain. Other signatories include the US, UK, Germany, Italy, Japan, and a number of agencies. This builds upon previous COP commitments with the overall Global Methane Pledge target of reducing methane emissions by at least 30% over 2020 levels by 2030.
The roadmap highlights six actions: fostering international cooperation on methane reductions; improving transparency of methane data; strengthening monitoring, reporting, and verification systems; developing abatement plans for existing assets; securing investment for emissions reduction; and ensuring follow-up to sustain long-term reductions. Later in the week on 15 November, Canada further supported methane reductions through signing an open letter to Pledge participants on accelerating methane reductions.
This also builds upon Canada’s domestic methane reduction efforts, notable the proposed Regulations Respecting the Reduction in the Release of Methane (Waste Sector) published in June 2024. The regulations propose a regulatory approach that would aim to reduce methane emissions from Canada landfills by 50% over 2019 levels by 2030.
On 13 November 2024, Canada endorsed the High Ambition Coalition’s (HAC) Leaders Statement, alongside announcing two funding investments at an event on Accelerating Africa’s Climate Leadership to Action. Canada announced CAD 12.5 million in climate finance: CAD 10 million for Conservation International’s project in the Limpopo Transfrontier Conservation Area to support biodiversity and improve livelihoods for 182,000 people across Mozambique, South Africa, and Zimbabwe; and CAD 2.5 million for WWF Canada’s marine conservation initiative in Madagascar to halt biodiversity loss, promote climate-smart practices, and empower women conservationists.
Lastly, on 19 November 2024, Minister Guilbeault released a statement to emphasize Canada's commitment to securing a new climate finance goal, the New Collective Quantified Goal (NCQG), to address the scale of the climate crisis. The NCQG aims to scale up investments in clean energy and adaptation, ensuring equity and avoiding additional debt for vulnerable countries. Guilbeault also highlighted Canada’s role in surpassing the previous USD 100 billion climate finance goal and ongoing contributions, such as the CAD 5.3 billion commitment by 2026 and funding for loss and damage initiatives.
As COP29 comes to a close, there have been no domestic policy announcements leveraging the conference. Just prior to COP29, the proposed Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations were published. However, no progress has been made on other key regulatory tools such as the 2024 Fall Economic Statement expected before the end of the month or the Clean Electricity Regulations expected before the end of the year.
ClearBlue will continue to monitor the outcome of Canadian climate commitments made at COP29 and update clients.