On the first day of the United Nations Climate Change Conference (COP28), countries reached a historic agreement to establish a new climate fund, and Canada also pledged to contribute $16 million to the fund.

Federal Environment Minister Steven Guilbeault announced Canada's initial contribution of $16 million to the newly established climate damages fund.

Speaking at the COP28 climate summit held in Dubai, Guilbeault said, "We believe this is an important step forward."

Canada has been calling for more than a year for a serious conversation about [climate] damages, which we have been ignoring for nearly 30 years.

COP28: Agreement on the world's first "Climate Damages Fund"...

The fund will help poor countries face emerging disasters such as floods, droughts, and rising sea levels due to climate change.

So far, $400 million has been raised for this fund, to which the UAE and Germany contributed $100 million and the United States $17.5 million. In US dollars, Canada's contribution is about $11.8 million.

Also, at the opening of the Canadian pavilion, some Indigenous leaders raised the issue of the number of Indigenous communities in Canada that also need help dealing with severe climate impacts.

Although the new fund announced Thursday is dedicated only to developing countries, Minister Guilbeault said all levels of government will work to provide better support to Indigenous communities affected by climate change in Canada.

The Canadian government is expected to announce new methane targets and the long-awaited cap on oil production emissions.

Guilbeault also said Canada will work during the summit to reach an agreement to phase out fossil fuels by 2050.

The focus of the United Nations Climate Change Conference (COP28) is on reducing emissions to limit global warming to 1.5 degrees Celsius above pre-industrial levels, which is considered crucial to avoiding a climate catastrophe.