Australia is contributing $50 million to a global fund aimed at helping poorer countries cope with the impacts of climate change.
The Fund for Responding to Loss and Damage will assist developing nations recover from natural disasters.
Climate Change and Energy Minister Chris Bowen announced the pledge at the COP29 summit in Baku, Azerbaijan, where he stated that Australia would become the sixth-largest contributor to the fund. This follows Australia’s previous $100 million commitment to the Pacific Resilience Facility, which supports small-scale, locally-led projects across the Pacific region.
Developing countries are facing the worst effects of climate change, such as extreme weather and rising sea levels, despite having contributed little to global emissions. The new fund, managed by the World Bank, will start financing projects in 2025.
Mr. Bowen also praised the COP summit for its role in coordinating global climate action and highlighted Australia’s bid to host COP31 in partnership with the Pacific. Australia faces increasing pressure from Pacific nations, many of which are threatened by rising seas and warming oceans.
