At the at the halfway point of COP29, the negotiations are in a perilous state as Australia and other rich countries continue to advocate for harmful distractions like loans and private finance, and reducing the obligations of rich countries to deliver grant based finance to developing countries.
Despite many calls from Pacific nations for loss and damage funding, Australia is opposing the inclusion of loss and damage in the goal and has yet to announce any commitment to the newly established Fund. As Australia goes into the final week, it needs to step up and lead negotiations to deliver an ambitious goal that our Pacific neighbours are demanding.
Michelle Higelin, Executive Director of ActionAid Australia says:
“Women and their communities on the frontlines of the climate crisis are already footing the bill for escalating disasters. They came to COP29 demanding a new climate finance goal that responds to escalating climate impacts and costs.
“Minister Bowen’s leadership will be critical in ensuring the rich countries step up to the plate and agree to a US$1 trillion goal, including funding for communities to rebuild and recover after climate disasters and a strong core of grant-based finance.
“If Australia and other rich countries refuse to pay up real money for climate finance, low-income countries will be left without the money needed to transition away from fossil fuels. It’s women on the frontlines of the crisis that will be left to pay the price as they are pushed further into poverty, and food and water insecurity.”
ActionAid Australia has consistently advocated to the Australian Government, along with dozens of other Australian NGOs, to stand in solidarity with climate vulnerable countries in the Pacific and across the world by agreeing to a US$1 trillion climate finance goal.
[ENDS]
Spokespeople are available for comment.
For further information please contact Steph Wulf: [email protected]