Increasing Support for Region's Climate Action and Economic Growth

Increasing Support for Region's Climate Action and Economic Growth
Increasing Support for Region's Climate Action and Economic Growth

Australia is further increasing its international climate finance commitment to $2 billion over the next five years to support developing countries in our region as they tackle the impacts of climate change.

Today we are committing an additional $500 million, on top of the $1.5 billion announced by the Prime Minister in& December 2020. This doubles our previous five-year commitment of $1 billion between 2015 and 2020.

Prime Minister Scott Morrison said the investment would include an increase for the Pacific from $500 million to at least $700 million.

“Australia’s assistance will support Pacific and Southeast Asian countries to enhance climate resilience for future infrastructure investments, including roads, schools and bridges,” the Prime Minister said.

“It will also drive private sector-led climate solutions that support clean technology, jobs and growth across our region.

“Australia stands with our Pacific family in our joint commitment to scale up mitigation and ensure adaptation support.

“Any solution on climate change that is geared only to developed countries does not solve climate change. We must empower and enable developing countries to industrialise and lift their incomes and standards of living in a new, decarbonised energy economy, as part of our global climate change response.”

Australia joins other countries, including the US, UK and Canada in doubling our previous climate finance pledge of $1 billion between 2015 and 2020.

Minster for Foreign Affairs and Minister for Women, Marise Payne, said cooperation on climate is important to Australia’s international relationships and has been central to many of our discussions with key Indo-Pacific partners.

“Australia and our region are on the front line of climate impacts, as we have acknowledged as a signatory to the Pacific Islands Forum’s Boe and Kainaki II Declarations.

“This is a key priority for Australia and our partners. That is why more than 70 percent of our bilateral, regional and global support is focused on climate resilience and adaptation.

“Our commitment will support local communities to better prepare for and recover from disasters, and to address climate-related water and food security challenges.

Minister for Industry, Energy and Emissions Reduction Angus Taylor said Australia is playing its part in global efforts to reduce emissions. Australia has always stood-by our neighbours, and this support is a commitment to address the impacts of climate change on our region.

“Our focus on technology and getting the cost of clean energy solutions down is an approach that is relevant across our Indo-Pacific region,” Minister Taylor said.

“Australia is a leader in adaptation efforts globally and we are building on our work in the region to reduce emissions and importantly increase prosperity.”

Australia will also share its scientific expertise, providing regional partners with better information and forecasts to plan water resource management and agricultural practices.

We will further support programs that mobilise private sector financing for developing countries to transition their energy systems and economies for a low-emissions future. This will include increasing access to affordable renewable energy, essential for developing nations to reduce emissions.

Addressing climate change is integrated into every aspect of Australia’s international development framework, Partnerships for Recovery.

Our increased commitment will contribute to the global goal of providing US$100 billion in annual climate finance for developing countries and ensuring a successful outcome at COP26 in Glasgow.

Novermber 01, 2021

WhatsApp