In response to the announcement that the Australian Government will guarantee up to AUD$300 million worth of Asian Development Bank (ADB) climate change lending for the Pacific and South-East Asia, Oxfam Australia Policy and Advocacy Lead, Josie Lee, says:
“We are disappointed that the Australian Government has announced money for loans at this time, when negotiations are so tense and one of the big concerns from low-income countries has been the provision of debt creating loans, rather than real money to respond to the climate crisis.
“This announcement is at odds with the demands from low-income countries for grant-based finance. Pacific and low-income South East Asian countries have done little to cause the climate crisis, but are bearing the brunt of climate impacts, such as more severe storms and floods. It's only fair that wealthy, highly polluting countries provide real support, and not debts they expect to be repaid.
“At COP29, low-income countries are concerned that wealthy, high polluting countries are pushing the burden of climate change onto them through debt creating loans and insufficient funding to support their adaptation to climate change impacts and recovery from climate change-fuelled disasters.
“In recognition of Australia's and other developed country’s outsized role in creating the climate crisis, Australia must advocate for a strong new global climate finance goal of over $1 trillion dollars in grant equivalent dollars to meet the needs of low-income countries to respond to climate change.
“In addition, Australia must make big polluting coal, oil and gas corporations pay for their climate damages and use the revenue raised to meet their fair share contribution to the new global climate finance goal, as well as increasing support to impacted communities at home.”
For interviews with Oxfam spokespeople, please contact Lucy Brown at lucyb@oxfam.org.au or 0478 190 099.