The Australian government has unveiled $150 million (US$99 million) in new spending on global climate change initiatives, with a focus on aiding Pacific nations.
The announcement was made while ministers attended the Cop28 United Nations Climate Change Conference in Dubai, allocating $100 million to the Pacific Resilience Facility (PRF) and $50 million to the Green Climate Fund (GCF).
The government said that the PRF money will support “locally led, small-scale projects across the Pacific region,” building on previous contributions, such as $75 million for off-grid and renewable energy projects in remote and rural areas.
The Albanese government also committed $350 million to the Pacific Climate Infrastructure Financing Partnership at the Pacific Islands Forum in November.
Small-scale, local projects funded by the PRF—the first Pacific-led, owned, and managed community resilience financing facility—will also be distributed through grants for initiatives like climate adaptation, disaster preparedness, and projects that respond to loss and damage.
“Climate change is the single greatest threat to the livelihoods, security, and wellbeing of climate vulnerable countries and regions, including the peoples of the Pacific,” the government said in a release.
“Australia is committed to amplifying the collective Pacific voice on the international stage. We are supporting more than 50 Pacific delegates to attend the U.N. Climate Conference, COP28, in Dubai.”
Minister for Foreign Affairs Penny Wong is calling on other countries to follow Australia in climate change funding for the Pacific to meet a US$500 million target for the PRF.
“The Pacific Resilience Facility will benefit Pacific communities directly and make access to climate finance for adaptation and loss and damage needs quicker and more accessible,” said Ms. Wong.
The Labor government has also rejoined The GCF—the world’s largest global climate fund—that the Morrison government withdrew from in 2018.
The GCF was created in 2015 out of the landmark Paris Agreement on Climate Change and now has projects across 128 countries with a portfolio of over $18 billion (US$12 billion) as of April this year.
“By rejoining the GCF, Australia can effectively advocate for GCF funding to meet Pacific needs,” the government said.
Minister for Climate Change and Energy Chris Bowen said they have been restoring Australia’s “climate leadership at home and abroad.”
“I look forward to continuing to work closely with my Pacific colleagues to call for stronger global action to reduce emissions and to ensure decisions on climate finance deliver practical outcomes and maximum impact for the Pacific, and other countries who are particularly vulnerable to climate impacts.”
Labor To Cut Funding for Overseas Fossil Fuel Expansion
The Labor government has also joined the clean energy transition partnership, signing on with 39 other countries to end the international financing of fossil fuel projects, making the announcement from this week’s climate summit in Dubai.The agreed to rules will commit countries that signed on to phase out their support of offshore projects within 12 months.
“The Federal Government is proud to stand alongside the U.S., UK, and our Pacific partners, including Fiji, to support the transition of international public support towards the clean energy transformation,” said Mr. Bowen.
