Australia will further increase its climate financing commitment over the next five years to A$2 billion.
This is a 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 Indo-Pacific, countries are already experiencing the impacts of climate change. Intensifying cyclones, extreme heat, longer fire seasons and sea level rise will continue to impact food and water security, and livelihoods over coming decades.
“Papua New Guinea is our closest neighbour. We are family, friends, neighbours and partners and your future is our future,” said Australian High Commissioner Jon Philp.
“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.
We will expand investments in nature-based solutions, conserving and rehabilitating mangroves and forests to help local communities maintain sustainable livelihoods and protect against disasters. Australia’s Indo-Pacific Carbon Offsets Scheme will provide new access to carbon markets, boosting public and private investment in Papua New Guinea’s communities.
At COP26, Australia was proud to join Papua New Guinea and over 100 other countries to sign the Glasgow Leaders’ Declaration on Forests and Land Use, which pledges to halt and reverse deforestation and land degradation by 2030.
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.
For example, in Papua New Guinea, Australia is working with the private sector to deliver affordable and renewable solar power to remote and rural households using a pay-as-you-go business model which has already delivered lighting to 15,000 women and children.
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 working towards successful outcomes at COP 26 in Glasgow.
A participant in a project to deliver affordable and renewable energy through solar power in PNG.
For further information, including access to related materials, please contact the Australian High Commission media team: +675 7090 0100