Seizing the Moment: A new Climate Finance Goal that delivers for the Pacific communicates civil society’s expectations of the Australian and New Zealand Governments when negotiating the new global climate finance goal at the UN Climate Conference in November 2024.
Pacific communities are experiencing more frequent and intense extreme climate events like tropical cyclones, ocean acidification, and rising sea levels, exacerbated by global heating. The costs of these climate impacts – social, cultural, environmental, and financial – are skyrocketing.
Wealthy countries have failed to fully meet their climate finance targets, especially in grant-based funding. Countries at the frontlines of the climate crisis in the Pacific are therefore being saddled with excruciating debt through loans to cover the costs of loss and damage. In the meantime, these same countries are lacking the finance they need to adapt to the changing climate, and to transition their economies away from reliance on fossil fuels.
The policy paper addresses the critical shortfall in climate finance for low-income countries, including the Pacific region, which faces severe climate impacts despite minimal contribution to global emissions. It underscores the need for an ambitious new climate finance goal to support vulnerable communities and advance climate action.
The previous climate finance goal was inadequately met, with significant issues such as underfunded adaptation efforts, exclusion of marginalised groups, and excessive reliance on loans rather than grants. The new climate finance goal will focus on wealthy countries committing to their ‘fair share’ of the goal, prioritising grant-based finance, and enhancing transparency and accountability.
As we approach COP29, it is crucial for Australia, New Zealand, and other wealthy nations to demonstrate leadership by committing to a robust new climate finance goal that genuinely supports vulnerable communities and accelerates global climate action.
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SEIZING THE MOMENT: A NEW CLIMATE FINANCE GOAL THAT DELIVERS FOR THE PACIFIC