Caritas Australia has expressed disappointment at the outcomes of the United Nations’ COP29 climate conference, saying commitments to climate finance fell short of addressing the urgent needs of vulnerable nations, particularly in the Pacific.
A $1.3 trillion global climate finance goal was announced, but only $300 billion of this is a commitment from the developed world, leaving a $1 trillion annual shortfall to be filled by private finance.
Caritas Australia said this approach risks worsening economic vulnerability in developing nations already facing the brunt of the climate crisis alongside sizeable overseas debt repayments.
“This year’s COP was meant to deliver on finance for vulnerable nations, but instead it risks perpetuating a cycle of debt and inequality,” said Damian Spruce, Caritas Australia’s advocacy associate director.
“Much of the developing world is forced to borrow to cover climate impacts they did not cause. It is unjust and unsustainable, and this private finance focused goal will do little to address that.”
Caritas Australia’s report, Weathering the Storm, launched at COP29, highlights a $1 billion gap in climate finance for the Pacific region. It also shows that nations like Fiji, Samoa, and Tonga are burdened by debt service-to-revenue ratios of around 15 per cent, which undermines their ability to fund essential services like healthcare and education.
The report called for an increase in climate finance in addition to official aid, delivered as grants, not loans, via a UN vehicle rather than banks.
“We are calling on the global community to honour the principles of justice, solidarity, and care for our common home, as outlined in Laudato Si’,” Mr Spruce said.
“This means wealthy nations stepping up with fair and effective climate finance that genuinely addresses the needs of vulnerable communities.
“With the Pacific on our doorstep, the Australian Government also has a responsibility to show leadership on this movement towards greater ecological and financial justice.”
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COP29 fails on climate justice for vulnerable nations, says Caritas Australia (Caritas Australia)
