One of the key tenets of the 2015 Paris Agreement was that richer countries such as Canada would provide financial assistance to developing countries to help them achieve their climate goals. This financial help was supposed to reach a minimum of $100 billion US per year ($124 billion Cdn) by 2020 and continue to be paid each year going forward. But estimates suggest the 2020 goal has likely not been met.
The $100 billion US is a bulk commitment among 23 developed countries and the European Union.
The countries that would be receiving the money — developing countries in the global South — are closely watching these climate finance commitments heading into COP26, the major United Nations climate change conference in Glasgow that starts Sunday.
What is the money for?
The financing is to help developing countries bring about many of the same changes that Canada and other countries are planning in order to achieve their climate goals. This includes shifting electricity production away from coal and other fossil fuels and to cleaner energy sources, such as hydroelectric, wind and solar.