At least US$1 trillion is needed to support low-income countries bearing the brunt of the climate crisis, according to a new report — Seizing the Moment: A New Climate Finance Goal That Delivers for the Pacific. The report’s release by a coalition of NGOs coincides with the attendance of Prime Minister Anthony Albanese and UN Secretary-General António Guterres at the annual Pacific Islands Forum Leaders’ Meeting, taking place in Tonga this week.
This year will see the finalisation of a new target for climate finance at the United Nations Climate Change Conference (COP29). The report reveals that the Australian Government must exponentially increase its support for global climate solutions, and demonstrate its solidarity with Pacific neighbours who are struggling to deal with rising sea levels, disasters like floods and cyclones, as well as significant disruption to ecosystems, food harvesting and traditional ways of life.
Acknowledging Australia’s role as a major polluter with plans to host the climate talks in 2026, the report calls for Australia to support a US$1 trillion global climate finance goal, and to contribute to the global Loss and Damage Fund, which was established at COP28. The report highlights a range of approaches to mobilise the needed finance, including ending fossil fuel subsidies that globally amount to US$7 trillion each year.
With the current global finance goal expiring in 2025, the exact figure of a new post-2025 climate finance goal will be the central issue on the agenda for world leaders at the upcoming COP29 climate talks in Baku, Azerbaijan later this year. Australia’s leadership could play a key role in building the confidence of all countries to agree on an ambitious goal, breaking a deadlock between wealthy and low income countries.
Climate impacts are already costing low income countries heavily. Investment levels must rise if we are to achieve our climate goals, funding resilience and a clean energy transition globally. The decisions made now will be crucial in determining whether global warming can be limited to 1.5°C, as outlined in the Paris Agreement, and in addressing the climate impacts on the most vulnerable communities.
Michelle Higelin, Executive Director at ActionAid Australia says: “We can’t tinker around the edges when it comes to climate finance. The climate crisis is already pushing Pacific countries into excruciating debt, and deepening gender inequality. Low income countries are bearing the brunt of climate impacts despite doing the least to cause the climate crisis and urgently need finance to adapt and mitigate against climate impacts.
“It’s time for Australia to step up and support our Pacific neighbours on the frontlines of the climate crisis. The Government must go to COP29 advocating for an ambitious goal and committing to contribute our fair share. This leadership will encourage other rich countries to do the same.
“We must ensure Pacific communities have the resources needed to build resilience, and address the growing loss and damage they are already experiencing as a result of the lack of climate action by polluting countries like our own.”
Lyn Morgain, Chief Executive, Oxfam Australia says: “Our Pacific neighbours have little responsibility for climate change, but are bearing its harshest impacts. Despite this, they only receive only a fraction of the needed climate finance to respond to climate impacts. This highlights the urgent need for a strong and just new global climate finance goal for lucky countries like Australia to support low-income countries.”
Rufino Varea, Regional Director, Pacific Islands Climate Action Network says: “As a Pacific regional network, we are united in our call for a New Collective Quantified Goal (NCQG) that truly delivers for the Pacific. As we approach the halfway mark of this crucial decade for climate action, the NCQG must address the escalating needs of Pacific communities, who are enduring some of the world’s worst climate impacts despite contributing the least to the crisis.
“As this report outlines, extreme climate events have already cost the Pacific Islands between US$2.7 and 7 billion from 2000 to 2022, and with this number expected to rise as our planet warms, Australia and New Zealand must deliver their fair share as PIF Members as well as support our NCQG priorities —The NCQG must be ambitious, equity-driven, and centred on grants-based finance that prioritises adaptation, mitigation, and loss and damage for the most vulnerable. We cannot afford to miss this opportunity to secure a safer, more resilient future for our Pacific communities and the world.”
The report – Seizing the Moment: A New Climate Finance Goal That Delivers for the Pacific – was authored by Climate Action Network Australia, the Pacific Islands Climate Action Network, the New Zealand Climate Action Network, ActionAid Australia and Oxfam Australia and has been endorsed by more than 50 organisations across Australia, Aotearoa, and the Pacific.
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