Quebec contributes $25.5 million from carbon market revenues to climate action in developing countries

Reading time: 5 minutes
5 December 2015

PARIS: Today at the COP21 climate talks, co-chair of The Climate Group’s States & Regions Alliance, the Canadian province of Quebec, announced a contribution of $25.5 million to developing nations to act on climate, using revenue generated by its own carbon market.

The Premier of Québec, Philippe Couillard, announced the fund for projects which will drive clean technology, energy and climate adaptation in Francophone countries that are most vulnerable to runaway climate change.

The Premier said: “With this unprecedented support, Québec is responding directly to an appeal by the United Nations to increase the international funding of climate actions in developing countries. Our government is proud to provide a tangible contribution and its expertise to benefit countries that are particularly affected by climate change. This is Québec’s contribution to one of the major issues of international climate negotiations.”

Al Gore, former Vier President of the US applauded the announcement, stating: “I cannot find the words to how significant this is.” Pointing out that the provinces of Manitoba, Alberta, British Columbia, Ontario are all leading on climate action – and which are all part of The Climate Group’s States & Regions Alliance – he quoted new Prime Minister Justin Trudeau: “Canada’s back.”

The former Vice President called Quebec-California’s linked carbon market, profits of which were the source of the new funding, a “truly effective carbon market that works”. He also welcomed Quebec’s move as leading the way of “wealthy regions and nations that are empowering not only developing countries, but the world’s least developed countries to participate fully in solving the climate crisis.”

Mark Kenber, CEO, The Climate Group said Quebec’s announcement was “not just a flash in the pan” triggered by COP21, as it was a co-founder of the States & Regions Alliance which celebrates its 10th anniversary this year. The gesture should be seen as more of a catalyst Mark Kenber said, because it is an example of how “billions from governments will unleash trillions in climate adaptation and mitigation from the private sector."

In a statement the CEO said: “Climate finance is at the heart of a successful COP21, and the injection of new and additional finance was always a key requirement of the Paris talks. This is a ground breaking commitment from any sub-national government in financial support, and one that needs to be celebrated.

"However what makes this announcement even more impressive is that it will be funded by revenue generated from their carbon market – one of the focal points to the Quebec climate strategy. This is not only a government investing into their own low carbon future, but sharing the benefits of that investment with those most at risk from climate change, securing a prosperous, sustainable future for others too.”

NEWS FROM COP21

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