Australia responds as China backs $2 trillion call to fight climate crisis
Ahead of Chris Bowen's arrival at COP29 to co-chair finance talks, there has been a call for a dramatic increase in funding to help the developed world.
Australia’s climate change minister Chris Bowen has responded after COP29 was told the developing world will soon need over US$1 trillion ($1.5 trillion) a year from developed nations to fight the worsening global warming crisis.
The money would be used to adapt to climate change and compensate nations for loss and damage. The plan for 2030 has been supported ahead of Bowen’s arrival at the global United Nations talks in Azerbaijan by multiple organisations, including China which is exempt from contributing to the fund.
The first to make the call was the influential G77+China coalition which now has 134 member countries including Pacific states deeply impacted by climate change – Fiji, Papua New Guinea and East Timor. Then overnight the UN-backed, Independent High-Level Expert Group on Climate Finance, threw its weight behind the idea, adding that finance would need to increase to US $1.3 trillion ($2 trillion) by 2035.
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Australia to co-chair negotiations on COP29 finance deal
Bowen is expected to arrive at COP29 on Saturday to lead the Australian delegation. He has been asked by the presidency to co-chair negotiations with Egypt on the new goal.
The pair's focus will be on delivering a global deal to replace the previous target of US $100 billion per year by 2020 as this is scheduled to end in 2025. Australia, along with New Zealand, Canada and the United States have been singled out for not paying their fair share under the previous agreement.
It is not yet clear how much more funding Australia will advocate for.
Responding to a question about the $1 trillion suggestion, Bowen told Yahoo News in a statement, “The reported position isn’t our position, but we won’t be pre-empting negotiations that are taking place. We’ll be advocating for a multilayered target, with public finance and an investment layer to send a signal to global financial actors.”
Australia under pressure to reduce skyrocketing emissions
Australia, which is one of the largest exporters of fossil fuels in the world, is under fierce pressure to reduce emissions and help its low-lying island neighbours adapt to the crisis. China is increasingly seeking to influence the wider Pacific region, offering financial aid and security to Australia’s neighbours.
Bowen added, “Nothing is more central to the security and economies of the Pacific than climate change. The Australian Government is working in partnership with Pacific countries to address climate change.”
Prime Minister Anthony Albanese has not attended a COP since being elected, and it’s not expected he will attend this year, although his office has not responded to a request for clarification from Yahoo News.
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