Environment Minister Steven Guilbeault said Canada will not increase the target for how much to raise from rich countries to help developing nations cope with climate change. Canada and Germany were tasked with raising US$100 billion per year for the effort by 2020, a deadline they missed and have since pushed to 2023. The actual amount of climate financing developing countries need is closer to US$1 trillion, according to a new report from the U.K. and Egypt. (The Logic)

Talking point: Responding to The Logic during a scrum at COP27 in Sharm el-Sheikh, Egypt Tuesday, Guilbeault said Canada and Germany need to sort out details on how to raise and deliver the financing first. That includes determining how much should go to mitigating climate change, versus adapting to it or compensating countries for losses and damages. “I think we have to avoid the mistakes that we made with the US$100 billion,” he said. “The US$100 billion was a number pulled out of a hat in the last hours of Copenhagen without any assessment as to whether or not it was appropriate.” Guilbeault said he and his German counterpart are still on track to raise the funds by 2023, but a new target won’t be considered, perhaps not for two more years. Securing the financing is a sticking point in official negotiations, which have been slow to heat up in Egypt. Meanwhile, with this year’s climate conference billed as the “implementation COP,” Canadian tech firms are using the venue to pitch green solutions to governments and companies needing to follow through on net-zero emissions targets.