SUVA (AUSTRALIA HIGH COMMISSION) — Australia will further increase its climate financing commitment over the next five years to A$2 billion.
This is an A$500 million increase on our existing A$1.5 billion commitment, and a doubling of Australia’s 2015–20 climate finance pledge.
In the Pacific, countries are already feeling the impacts of climate change. Intensifying cyclones, extreme heat, and sea level rise will continue to impact food and water security, and livelihoods over coming decades.
“Fiji is one of our closest neighbours. We are vuvale, friends, neighbours and partners and your future is our future,” Australian High Commissioner, John Feakes said.
“This commitment continues our strong track record of working together in our region to build resilience to the impacts of climate change. It is critical for our region’s stability and prosperity. Given the particular vulnerabilities to climate change facing our Pacific family, this doubling will see at least A$700 million flowing to meet the Pacific’s needs.”
Australia’s assistance will support efforts to enhance climate resilience for future infrastructure investments, including roads, schools and bridges.
Our commitment will also support local communities to better prepare for and recover from disasters, and address climate-related water and food security challenges.
Investments in nature-based solutions will expand, conserving and rehabilitating mangroves and forests to help local communities benefit through sustainable livelihoods, protection against disasters and access to carbon markets.
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.
On Monday in Glasgow, Prime Minister Morrison and Prime Minister Bainimarama signed an agreement to establish a high-integrity and accessible carbon market in Fiji as part of the AU$104 million Indo-Pacific Carbon Offsets Scheme. The agreement will see Fiji and Australia share expertise to ensure Fiji is internationally recognised as a source of high-integrity carbon mitigation outcomes.
Australia is committed to the successful implementation of the Paris Agreement. 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 COP 26 in Glasgow…. PACNEWS