Coherent Identifier About this item: 20.500.12592/xmq473

Falling Short: Australia’s role in funding fairer climate action in a warming world

15 September 2022

Summary

The IPCC’s Sixth Assessment report into climate The G77 plus China negotiating group is now change impacts, adaptation and vulnerability calling for the inclusion of a loss and damage has confirmed that extreme climatic events are finance facility in the post-2025 climate finance driving “widespread and severe loss and damage goal, arguing it is critical to address the missing to human and natural. [...] Currently, climate finance and loss and damage negotiations are plagued by unequal power Reform and a re-imagination of climate finance dynamics, with international contributions mechanisms and funding approaches is needed determined by wealthy countries and reflective of to strengthen the agency and power of low-income their willingness to pay, rather than tied to their countries. [...] climate justice for Indigenous peoples, through the alignment of Australia’s aid and climate The Paris Agreement explicitly recognises the rights finance contributions with our obligations as of Indigenous peoples, and acknowledges the role a signatory to the UN Declaration on the Rights that Indigenous peoples’ experience and knowledge of Indigenous People.50 The development of this has played in. [...] and more than 11 times the support received from international donors.53 A review of the limited available information on Despite the value for money and climate justice Australia’s climate finance to the Pacific region 56 benefits of localising climate finance, the current in 2019-20 suggests that only a small amount of climate finance system often excludes the Australia’s investments were locall. [...] Australia should not a very small proportion of the loss and damage join this scheme and should instead stand with the suffered by the vulnerable country, often as low Pacific to champion loss and damage finance that as 1.5 or 2 per cent.95 is fair and equitable and lives up to the principles of international cooperation and solidarity, historical This response outsources responsibility to the res.

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