In response to the announcement that Australia will lift its climate finance spend from $2 billion to $3 billion between 2020-2025, Oxfam Australia Climate Justice Strategic Lead Melissa Bungcaras said:
“Oxfam welcomes the announcement yesterday that Australia is increasing its climate finance to countries in our region at threat from devastating climate change impacts. This is an encouraging recognition from the Labor government of the need to ramp up climate action in response to this global crisis.
“We remain concerned that Australia’s international climate finance contribution will still be considerably below our fair share of the US$100 billion that wealthy countries committed to mobilise each year between 2020 and 2025.
“The need for increased investment in climate mitigation and adaptation in countries that are hit the hardest by the climate crisis will only increase over the course of this decade and beyond.
“Oxfam is concerned that Australia’s new commitment to reach $3 billion in climate finance over the 2020-2025 period is rebadging existing funds from within the existing aid budget, despite the urgent need for climate finance to be new and additional to existing funds to meet the challenge of escalating climate disasters, damaging droughts and heatwaves.
“We must stop double counting aid funding towards global climate finance goals. It is deeply contrary to the spirit of global agreements which seek new funding commitments and contrary to the good will required for collective global action to stop climate catastrophe.
“Wealthy countries that have been amongst the highest polluters, like Australia, have significantly contributed to the harms being caused by climate change to our Pacific neighbours and so many others. Now we must do our bit to fix this crisis and support low-income countries to reduce the harms they are experiencing.
“The Australian Government can start by redirecting subsidies for fossil fuel industries, which have caused the climate crisis, towards new climate finance to assist those countries that are so heavily impacted.”
