The agreement of a new US$300 billion climate finance target at COP29 obligates wealthy countries to increase their climate finance contributions. Australia must now translate the global agreement into action by significantly increasing its support for communities on the frontlines of the climate crisis, in line with its international fair share.
As climate disasters escalate, it is the most climate-vulnerable countries and communities that are paying the price. To demonstrate its leadership on the global stage, Australia should ensure its new climate finance goal provides the critical resources low-income countries need to scale up climate action, phase out fossil fuels and transition to a cleaner, greener and more just future for all.