Caritas Australia has welcomed the Albanese Government’s $50 million contribution to the loss and damage fund at the United Nations Climate Change Conference, known as COP29.
This follows last week’s announcement of a $125 million investment into Pacific renewable energy transitions.
Investment into the Fund for Responding to Loss and Damage will support developing countries as they experience extreme weather and slow onset climate events.
The fund was established last year at COP28 in recognition of costs outside of adaptation, both economic and non-economic, being faced by climate vulnerable countries.
Damian Spruce, Caritas Australia’s advocacy associate director, said committing to the loss and damage fund “demonstrates global leadership on climate finance and is a real show of support for our Pacific neighbours”.
“There is an expectation from Pacific faith communities and civil society that Australia will stay true to its leadership on this issue and call for the incorporation of loss and damage into the climate finance targets being developed for the National Collective Quantified Goal process to ensure that the work prioritises funding in this area,” Mr Spruce said.
The Government’s investment of $75 million into the REnew Pacific program will support off-grid and community-scale renewable energy in remote and rural parts of the Pacific.
Meanwhile, $50 million in funding for the Australia-Pacific Partnership for Energy Transition will support Pacific nations as they work to capture more of the benefits of renewable energy investments. This includes research, modelling, and collaborations to support Pacific energy transitions.
“This sort of responsible grants-based funding is exactly what is needed to guard against the danger of climate debt distress in the Pacific” Mr Spruce said, something Caritas Australia has been advocating for at COP29 through the launch of its Weathering the Storm report.
FULL STORY
Caritas Australia welcomes Australia’s commitments to climate finance and renewables at COP29 (Caritas Australia)
