Tuvalu Minister of Justice, Communication and Foreign Affairs Simon Kofe gives a compelling address to the 2021 COP26 gathering. Image: Screenshot.
Australia has used the COP28 2023 United Nations Climate Change Conference to announce it will contribute a foundational $100 million to the Pacific Resilience Facility (PRF) and that it will re-join and contribute $50 million to the Green Climate Fund (GCF).
The PRF is the first Pacific-led, owned and managed community resilience financing facility. The PRF will support locally led, small-scale projects across the Pacific region and includes grants for climate adaptation, disaster preparedness, nature-based solutions and projects that respond to loss and damage.
A Pacific Island Forum information page says the PRF aims to raise US$1.5 billion – equivalent to 1 per cent of Pacific Regional Nominal GDP (NGDP) accumulated over five years – to invest in community-level risk reduction and resilience-building initiatives. Funds will be raised through international fundraising efforts, including contributions from development partners – such as Australia – and philanthropic funds.
The GCF was established in 2015 after the Paris Agreement on Climate Change and has since approved projects in 128 countries, but Australia withdrew from it in 2018. A government release says that by rejoining, Australia can effectively advocate for GCF funding to meet Pacific needs.
Foreign Minister Senator Penny Wong said the PRF will benefit Pacific communities directly and make access to climate finance for adaptation and loss and damage needs quicker and more accessible.
“We have taken on board Pacific feedback on climate finance – this contribution demonstrates our strong commitment to Pacific climate priorities and we call on other donor countries to follow Australia’s lead and pledge serious funding towards the US$500 million target for the Pacific Resilience Facility,” she said.
Environment Minister Chris Bowen, who is leading the Australian delegation at COP28, said the government had been restoring Australia’s climate leadership at home and abroad since being elected in May 2022.
“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,” he said.
Minister for the Pacific Senator Pat Conroy said the climate threat was most profound in the Pacific.
“Since coming to office, the Albanese Government has been supporting Pacific calls for global action on climate change,” he said.
“I commend the significant work over many years by Pacific Island Forum members to design the Pacific Resilience Facility as a game-changing and transformative initiative that is owned by, and delivers for, the region.”
Original Article published by Andrew McLaughlin on Riotact.
