COP29 summary of outcomes

Canada's Role at COP29

At the 29th United Nations climate change conference (COP29), Canada worked with countries across the globe to push for strong outcomes to fight climate change. Canada played a key role in climate finance negotiations; and listened carefully to the requests from Small Island Developing States and Least Developed Countries.

Canada and almost 200 countries agreed on the New Collective Quantified Goal (NCQG) for climate finance. This agreement will contribute to support climate action in developing countries, increasing public funding from US$100 billion to US$300 billion each year by 2035. An additional target calls for all actors, including the private sector, to invest US$1.3 trillion in climate positive and resilient industries in developing countries by 2035.

The new finance goal will require a collective international effort. That’s why Canada supports the participation of new contributor countries to provide public finance, as well as non-state and private sector actors to contribute to mobilizing investments. The new framework for climate finance helps improve the ability of public money is effectively leveraged to more meaningfully address the nature and scale of the climate crisis.

Countries also finalized the rules for international carbon markets under Article 6 of the Paris Agreement. Canada successfully pushed for strong protections for human rights and the environment in these rules. The agreed rules clarify reporting and accounting to keep the carbon markets fair and transparent. The new rules will allow countries to work together on their climate plans for stronger action to fight climate change while growing their economies.

Canada successfully negotiated a ten-year extension to a program that promote the importance and benefits of involving women in climate action. This program will also help ensure more women can participate in decision-making at future UN climate conferences. Canada was also pleased that countries endorsed a new workplan for country governments and Indigenous Peoples to learn from one another and work together towards climate solutions. Canada also pushed for more effective international climate action that advances human rights, the rights of Indigenous Peoples and gender equality. These talks will continue and also cover how to protect workers’ rights and interests as more governments and industries invest in climate solutions.

Additionally, Canada as a proud member of the High Ambition Coalition signed the High Ambition Coalition COP29 Leaders’ Press Statement. Canada also signed onto a joint press release with other ambitious countries committing to submit their next emissions reduction targets – known as nationally determined contributions, or NDCs – in line with the 1.5°C Paris temperature goal. As countries prepare to announce their new NDCs, Canada pledged $1.25 million to support the United Nations Secretary General’s Climate Action Team. This project will advocate countries to submit credible and ambitious NDCs in 2025.

Canada also launched GAIA, a new $2 billion platform to support climate-focused investments in vulnerable areas and growing economies. Building climate resilience is key to fight climate change and securing a sustainable future for all. GAIA, co-founded by FinDev Canada and the Mitsubishi Financial Group (MUFG), brings together both public and private funding to support climate projects.

Action on biodiversity

Canada invested $10M in the Conservation International "Limpopo Transfrontier Conservation Area" project. This project supports biodiversity in Mozambique, South Africa and Zimbabwe, to improve protected areas and enhance livelihoods for 182,000 people. Canada also invested $2.5M in the World Wildlife Fund Canada "Building Resilient Communities through Marine Conservation in Madagascar" project. This effort aims to stop biodiversity loss, help communities adopt climate smart practices and empower women in conservation.

Action on reducing emissions

Canada is committed to international action to reduce methane and other harmful greenhouse gases to limit global warming. As a Global Methane Pledge Champion, Canada signed an open letter (PDF) urging governments, companies and non-governmental actors to continue and accelerate efforts to cut methane emissions in this critical decade and beyond. Canada also joined the European Commission’s new Methane Abatement Partnership Roadmap (PDF) to reduce methane emissions from fossil fuel production and use.

Canada and the United Kingdom co-chair the Powering Past Coal Alliance, and were pleased to welcome Uganda and the bank Standard Chartered as new members. Canada also supported the launch of the updated PPCA Finance Principles to help fund the closure of coal power plants, backed the new Decarbonization Twinning Initiative, and signed onto the Call to Action on No New Coal.

Canada was also pleased to continue momentum of the Canada-launched Global Carbon Pricing Challenge (GCPC) by welcoming Finland and Uruguay as new Partners, and Nigeria as a new Friend. The GCPC seeks to expand the use of carbon pricing to cover 60% of global greenhouse gas emissions by 2030.

Action to support early warning systems

Canada joined the Risk-informed Early Action Partnership (REAP) which aims to help one billion people stay safe from disasters by 2025. In addition, Canada joined 46 governments and organizations in endorsing the Getting Ahead of Disasters Charter which sets out principles for collaborative action to ensure better use of finance to manage risks and protect people in the most vulnerable countries from climate-related disasters. In committing to the principles, endorsers aim to pursue a shared objective of ‘getting ahead of disasters’ through improved use of finance.

These two initiatives support Canada’s commitment to delivering on the United Nations Secretary General’s Early Warnings for All initiative and will enhance Canada’s leadership role as Chair of the Friends of Early Warnings, a group of 17 donors working to strengthen coordination and to maximize the value and benefits of investments.

New initiatives and partnerships

Canada joined several strategic initiatives and partnerships to advance climate action:

Bilateral meetings and ministerial engagements

During COP29, Minister Guilbeault held bilateral meetings with a variety of ministers and partners, including:

ministers and senior representatives from Azerbaijan, Chile, China, California, Germany, Marshall Islands, United States
counterparts from the United Nations, including Special Adviser to the United Nations Secretary-General Selwin Hart, UNFCCC Executive Secretary Simon Stiell and Loss and Damage Fund Executive Director Ibrahima Cheikh Diong
representatives from CARICOM countries, International Energy Agency, Climate Investments Fund, Green Climate Fund and Climate Policy Hub
Indigenous Organizations, including the Assembly of First Nations, Métis National Council, and Inuit Circumpolar Council
civil society leaders, including environmental NGO leaders from around the world and Canada
provincial counterparts from Alberta and Quebec

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2024-12-17