Oxfam Australia warmly welcomes Australia's pledge to the Fund for Responding to Loss and Damage and calls for Australia to also spearhead support for loss and damage being included in the new global climate finance goal, in solidarity with calls from Pacific communities.
The Fund is critically important to least developed and Pacific Island countries and communities who are on the frontlines of the climate crisis.
Flash floods in Bangladesh, Vietnam, Laos, Thailand and Myanmar in recent months have impacted millions of people. These devastating climate disasters in our region are driving millions of people deeper into poverty, worsening our global inequality crisis.
New Oxfam research shows a 700% increase in the number of people impacted by climate disasters in the Pacific this decade, compared to the previous decade, highlighting the need for increased climate finance.
Oxfam Australia Climate Policy and Advocacy Lead, Julie-Anne Richards welcomes the pledge announced today, but said Australia’s support for loss and damage must also be included in the new global climate finance goal for developing countries, which is a key demand of the Pacific and one Australia is yet to support.
"We welcome the news announced today at COP29 that Australia will pledge $50 million to the Loss and Damage Fund, however, if climate change losses and damages are not included in the new global climate finance goal, the new Fund for responding to Loss and Damage risks becoming an empty vessel. The danger is that developed country governments will prioritise meeting the new and ambitious climate finance goal, and will not prioritise a fund that doesn't count towards it,” said Ms Richards.
"If Australia is to stand shoulder to shoulder with the Pacific, we must ensure the region gets the funding needed to recover from and build back better after climate change impacts, and Australia must be an important contributor alongside the global fund designed for this purpose.
"Pacific and least developed countries have done almost nothing to cause the climate crisis, but already they are experiencing devastating impacts in the form of more intense cyclones, droughts, saltwater intrusion into farms and homes, and loss of fish stocks. They need funding from developed countries like Australia to recover and adjust.
"Pacific communities should not be paying the price for the pollution of big coal, oil and gas corporations. These corporations are increasing energy bills for everyday people, making bumper profits and getting off scott free for their climate damages. It’s time we make these polluting corporations pay.
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Notes to Editor
The Fund for Loss and Damage was operationalised at COP28. At and since COP28 twenty-three countries and regions have made pledges to the Fund for Loss and Damage. As identified below the most significant are from France and Italy at USD 112 million each, followed by Germany and the United Arab Emirates at USD 100 million each, the United Kingdom at USD 54 million, the European Union, Ireland, Denmark, Norway, Spain, the United States of America and other countries as per the table below.
At COP28 Australia did not make a pledge to the Fund for responding to Loss and Damage, but did make a pledge to the Pacific Resilience Facility (PRF). The PRF, once up and running, will be the first Pacific-led, owned and managed climate and disaster resilience financing facility. It will provide grants for climate adaptation, disaster preparedness, nature-based solutions and projects which respond to loss and damage.
The PRF has an initial financing target of USD 500 million before 1 January 2026. Pledges received so far have been made by Australia (AUD 100 million), Saudi Arabia (USD 50 million), the US (USD 25 million), China (USD 500,000), Nauru (AUD 1million over five years), as well as a pledge of technical support by the UK valued at GBP 1.3 million.