At the ongoing COP29 summit in Baku, Azerbaijan, Australia’s Climate Change and Energy Minister Chris Bowen announced a $50 million commitment to the Fund for Responding to Loss and Damage. This contribution will help developing nations manage climate change impacts, including natural disasters and extreme weather events, providing vital support.
Addressing Climate Change’s Devastating Effects
Australia’s pledge to the global fund supports vulnerable countries facing climate change impacts, reinforcing its commitment to international climate action. Bowen highlighted that developing nations, contributing least to emissions, are disproportionately affected by extreme weather, rising seas, and heat.
“Today, I announced that we’d be making further contributions to respond to loss and damage,” Minister Bowen said during his national statement at COP29.
Supporting Vulnerable Nations
Furthermore, Australia’s $50 million contribution will help developing countries address extreme weather events and slow-onset climate impacts, including rising sea levels. The fund, administered by the World Bank, will finance projects starting in 2025 that address economic and non-economic climate impacts.
Pacific nations, facing existential climate threats, have long requested greater financial support to adapt and recover from natural disasters. Australia’s contribution reinforces its commitment to supporting Pacific nations through targeted climate resilience initiatives.
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Australia’s Role in Global Climate Action
Bowen also highlighted Australia’s strong commitment to global climate leadership, reaffirming the country’s dedication to assisting climate-vulnerable regions. “Australia will become the sixth largest contributor to the Fund for Responding to Loss and Damage with a $50m contribution,” Bowen said.
This pledge builds on Australia’s $100 million commitment to the Pacific Resilience Facility, which funds locally led projects to address climate-related damage.
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Strengthening Australia’s Climate Leadership
Australia’s $50 million contribution to the Green Climate Fund complements its broader climate action efforts, supporting global climate resilience. Bowen reiterated Australia’s bid to host COP31 with Pacific nations, highlighting the importance of multilateral cooperation in addressing climate change.