In a new report, Fairer Futures: Financing Global Climate Solutions, ActionAid Australia is calling on the Australian Government to immediately double its climate finance to $3 billion over five years. As a leader in the Asia-Pacific region, Australia has a unique role to play in mobilising climate finance to shape and strengthen the way our world responds to climate change.
The report recommends that the Australian government:
- Immediately commit to doubling its climate finance commitment to $3 billion over the next five years.
- By 2023, shape regional and global climate responses by committing an additional $700 – $920 million to the Green Climate Fund.
- By 2030, scale up Australia’s climate finance to $12 billion annually, which will meet its fair share.
- Prioritise locally led, gender-responsive climate finance projects.
ActionAid Executive Director Michelle Higelin said COP26 offered a critical opportunity for Australia to reclaim its historic role as a leader in climate financing.
“Australia has the power to play a critical role in shaping and strengthening the way our world responds to this crisis. How we respond to climate change over the next decade will determine the fate of billions of people globally, and the stability and prosperity of our region.
“Ambitious international climate finance pledges, alongside bold domestic emission reduction targets, are critical for successful and just global climate solutions.”