2 SEIZING THE MOMENT A NEW CLIMATE FINANCE GOAL THAT DELIVERS FOR THE PACIFIC 3 Making the new climate finance goal work for the Pacific The NCQG negotiations represent a pivotal moment to establish a climate finance framework that truly meets the needs of Pacific Island nations and other low-income countries. [...] Positive features of finance to the region include the prioritisation of adaptation funding, which made up 44 per cent of climate finance flows,v and the delivery of almost all adaptation finance through grants.11 However, there is also a concern that climate funds are not reaching those most in need, and that data and information on the use and effectiveness of the funds is limited at the nationa. [...] The positions and proposals that Australia and New Zealand bring to the Umbrella 14 SEIZING THE MOMENT A NEW CLIMATE FINANCE GOAL THAT DELIVERS FOR THE PACIFIC 15 Group and to the wider NCQG negotiations could have a significant influence over the direction of the discussions and can set the agenda on the level of ambition that wealthy countries should be aspiring to. [...] It is critical that loss and damage finance is included in the NCQG to ensure the climate finance target upholds its mandate to take “into account the needs and priorities of developing countries” and “to strengthen the global response to the threat of climate change in the context of sustainable development and efforts to eradicate poverty”.97 The NCQG should include a clear accountability and re. [...] To operationalise gender- and child-responsive and disability-inclusive finance, the NCQG should provide practical guidelines to the Green Climate Fund, Adaptation Fund, the Global Environment Facility, the Fund for responding to Loss and Damage, and multilateral banks.xi The NCQG should ensure accessibility to vulnerable countries and communities, including by: • Ensuring the NCQG is underpinned.
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Table of Contents
- Contents 3
- Executive Summary and Recommendations 4
- Lessons from the first climate finance goal 4
- Seizing the moment Recommendations from civil society 5
- Australia and New Zealand Step up to act in solidarity 5
- Making the new climate finance goal work for the Pacific 6
- Finding the money mobilising trillions for climate action 6
- 1. Introduction 7
- The climate funding gap in the Pacific 8
- Case study Rising climate costs for Pacific Island countries - Vanuatu 8
- Case study Rising climate costs for Pacific Island countries - Fiji 9
- 2. Lessons from the first climate 10
- Lesson 1 The USD 100 billion goal too little too late 10
- Lesson 2 The growing adaptation funding gap 10
- Lesson 3 Climate finance not adequately reaching local communities women and other marginalised groups 11
- Case study The impact of Tropical Cyclone Winston on women mud crab fishers in Fiji 11
- Lesson 4 Climate finance loans are exacerbating the global climate debt spiral 12
- Lesson 5 The mobilisation of private climate finance is falling short 13
- Lesson 6 Reporting rules enable overestimation and double counting of climate finance 13
- Lesson 7 Loss and damage was missing from the USD 100 billion goal 14
- Explanatory box What is climate-induced loss and damage 14
- 3. How does Australia and New Zealands climate finance 15
- Australia 15
- Explanatory box Australias aid funding fuelling the climate crisis 16
- New Zealand 16
- 4. Seizing the moment 17
- Delivering climate finance fair shares 17
- Australia 17
- New Zealand 17
- Making the NCQG work for the Pacific 17
- Principle 1. The NCQG should be ambitious and respond to global need 18
- Principle 2. Public grants-based finance should be at the core of the NCQG 19
- Principle 3. Climate finance obligations should be underpinned with equity 20
- Explanatory box Mandates for the NCQG and 2.1.c 21
- Principle 5. The NCQG should prioritise accessibility for vulnerable countries local communities women and other marginalised groups 23
- Case study The Shifting the Power Coalition 24
- Principle 6. The NCQG should improve and not worsen the global South debt crisis 24
- Principle 7. The NCQG should establish robust reporting review and accountability processes 25
- 5. Finding the money for global climate solutions 26
- End fossil fuel subsidies 26
- Implement tax justice 26
- National and global tax reform 26
- Changing global tax rules the climate justice imperative 27
- 6. Conclusion 28
- Glossary 29
- Endnotes 30
- Full list of signatories 36
- Acknowledgements 36
