As part of our COP26 Glasgow commitment, in which countries like Canada and many of our G20 partners were encouraged to step up to the plate when it comes to climate financing, we did that. We doubled our climate finance commitment to $5.3 billion over five years. We dedicated 20% of that to nature-based solutions.
We know that in the fight against climate change, our biggest and strongest ally is nature. When we protect a wetland that will filter our water, it will do so at roughly a sixth of the cost of building a plant to do it. Once you've protected the wetland, you don't have maintain it. You don't have to invest in keeping it up to date the way you would have to do with a plant. Unfortunately, we can't do that all the time, but whenever we can use nature, it is the best investment in the fight against climate change.
I can talk about a number of our initiatives. Basically, $1 billion of our climate financing will go to nature-based solutions. I recently made an announcement of $15 million to support the Ocean Risk and Resilience Action Alliance and the Global Fund for Coral Reefs. We know that coral reefs are being heavily impacted by climate change.
There are a number of initiatives that Canada is broadly supporting here, obviously, in terms of nature-based solutions.