Prime Minister Mark Carney unveiled a $3.8 billion funding initiative on Tuesday to safeguard nature, as the government pushes forward to achieve its conservation objectives. Alongside public funding, there is a call for private sector investments to support the conservation plan, which will involve establishing new national parks and marine reserves.

During a press briefing in Wakefield, Quebec, Carney emphasized the need for substantial funding to realize the ambitious creation of these protected areas, stating that public funds alone would not suffice. The government’s goal is to conserve 30% of Canada’s lands and waters by 2030, with the current protected land standing at approximately 14%.

The conservation targets were set by the Trudeau administration post the UN Biodiversity Conference (COP15) in Montreal in 2022. Concerns have been raised by environmental organizations regarding the government’s ability to match its conservation aspirations with sustained financial commitments.

Carney outlined that the new funds would be allocated across three main areas: protecting nature, enhancing Canada’s infrastructure, and embracing the value of nature while mobilizing capital. Immediate steps include the establishment of two new conservation sites: the Wiinipaawk Indigenous Protected Area and National Marine Conservation Area in eastern James Bay, Quebec, and the Seal River Watershed National Park in Manitoba.

Additionally, the government plans to introduce “other effective area-based conservation measures” to balance conservation with other activities. The proposal includes creating up to 14 new marine-protected and conserved areas, as well as up to 10 new marine conservation areas. Specifically, the potential marine areas in the Arctic, Sarvarjuaq and Qikiqtait, aim to safeguard polar bears, walruses, and beluga whales. If implemented, these new marine protected areas would cover 12% of Canada’s waters, increasing the total protected waters to 28%.

Carney expressed determination in closing the conservation gap, emphasizing ongoing efforts towards achieving that goal. However, the federal Conservatives criticized the announcement, labeling it as “illusions” and pointing out past failures in meeting environmental targets. Office of the Leader of the Official Opposition spokesperson Sam Lilly criticized the government’s approach, accusing them of creating new targets without substantial results.