Skip to content
Political

Climate funding welcomed, but Australia must do more: Oxfam

Oxfam Australia 2 mins read

The announcement made today that Australia will contribute $150 million in climate finance to support vulnerable communities battling the climate crisis is welcomed, but falls far short of our responsible contribution as a rich polluting country.  

Most notably, we are disappointed that Australia has not pledged to the newly established Loss and Damage Fund, and urge the Australian government to commit to an initial $100 million to support the fund to become operational. 

A foundational $100 million to the Pacific Resilience Facility (PRF) and $50 million to the Green Climate Fund (GCF) is a welcome contribution to these important funds. However, this does not go far enough to help impacted countries, both in the Pacific and beyond, to adapt to climate change and climate induced loss and damage, the costs of which are now hundreds of billions annually.  

Oxfam Australia Climate Justice Lead Melissa Bungcaras said there is a disturbing mismatch between the funding required to respond to climate change in low-income countries and what is being provided by developed countries, including Australia.

“After 32 years of pressure and 27 COPs, we finally have a new landmark Loss and Damage Fund. It is disheartening that despite Australia having played a constructive role in the establishment of the Fund, they are now refusing to provide the necessary funds to get it started,” said Ms Bungcaras.

“In the face of devastating storms, floods, droughts, and wildfires costing hundreds of billions globally each year, we need to step up action. Rich polluting nations like Australia need to rapidly phase out fossil fuels and provide adequate climate finance to frontline communities so they can adapt to the impacts of climate change, and be compensated for losses and damages they’ve incurred. 

“While we warmly welcome the funding for the Pacific Resilience Facility, we desperately need new and increased funds to meet the escalating costs of climate change and ensure people don’t slide deeper into poverty,” she said.

Oxfam Australia stands by its call for Australia to make an initial $100 million pledge to the Loss and Damage Fund. 

Notes to editor 

The Loss and Damage Fund was established on 30 November as one of the first actions of COP28. The Fund is critical in supporting communities on the frontlines of the climate crisis to recover and rebuild after climate disasters.  

Loss and damage funding needs for low-income countries are estimated at USD 400 billion a year. So far commitments fall well short of the need. 

The most recent reports from the Australian Government indicate that Australia is on track to provide $3 billion in international climate finance between 2020-2025. This is an $1 billion increase from the initial commitment of $2 billion for the same period. However, it falls well short of Australia’s fair share of the global climate finance target of USD 100 billion per year in mitigation and adaptation funding, which is $4 billion annually. Further, this funding is within the existing aid budget and is not new and additional funds, which are required to meet the challenges of the climate crisis and sustainable development needs of low-income countries. 

 

For interviews, contact Lucy Brown on 0478 190 099 / lucyb@oxfam.org.au

Media

More from this category

  • International News, Political
  • 25/06/2024
  • 11:57
Monash University

Monash expert: Julian Assange plea deal

WikiLeaks founder Julian Assange will plead guilty to a felony charge in a deal with the US Justice Department that will free him from prison in the United Kingdom. A Monash expert is available to talk about the deal and the implications for journalism and whistleblowing. Associate Professor, Johan Lidberg, Head of Journalism, School of Media Film and Journalism Contact: +61 404 949 250 or johan.lidberg@monash.edu Read more of Associate Professor Lidberg's commentary at Monash Lens “The news that Wikileaks founder, Julian Assange, is on his way home to Australia is welcome indeed. “Assange's legacy is complex. There were certainly…

  • Political
  • 25/06/2024
  • 05:35
NSW Teachers Federation

Survey reveals Northern Rivers public schools stretched to breaking point

A survey of public school teachers and principals in the Northern Rivers reveals how the combined impact of the $1.9 billion funding shortfall and teacher shortage is leading to merged classes, poorer student wellbeing and unsustainable workloads, the NSW Teachers Federation has warned.NSW Teachers Federation President Henry Rajendra will hold a doorstop with local teachers at Lismore High School Campus at 8:15am on Tuesday, 25 JuneThe survey of 288 principals and teachers across Northern Rivers found:● 39% have taught merged/split classes regularly or always;● 96.5% agree that “schools as a whole currently have difficulty in retaining teachers in the profession”;●…

  • National News Current Affairs, Political
  • 25/06/2024
  • 01:33
The Ahmadiyya Muslim Community, Australia

Australian Muslim Convention Focuses on Stopping World War 3

Media Opportunity:Live interview of Australian Imams, VIP guests from around the world, volunteers, Muslim scholars, government officials and community leaders. Australia’s oldest annual Muslim…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.