Australia increasing climate funds to K5bil

AUSTRALIA will increase its climate financing commitment over the next five years to AU$2 billion (about K5.07 billion).
According to a statement from the Australian High Commission, this is a AU$500 million (about K1.2 billion) increase on its existing AU$1.5 billion (about K3.8 billion) commitment, and a doubling of Australia’s 2015-20 climate finance pledge.
In the Indo-Pacific, countries are already experiencing the impacts of climate change.
Intensifying cyclones, extreme heat, longer fire seasons and sea level rise will continue to impact food and water security, and livelihoods over coming decades.
Australian High Commissioner Jon Philp said this commitment continued Australia’s strong track record of working together in the region to build resilience to the impacts of climate change.
“Papua New Guinea is our closest neighbour,” he said.
“We are family, friends, neighbours and partners and your future is our future.
“It is critical for our region’s (Pacific) stability and prosperity,” Philp said.
“Given the particular vulnerabilities to climate change facing our Pacific family, this doubling will see at least AU$700 million (about K1.7 billion) flowing to meet the Pacific’s needs.
“Australia’s assistance will support efforts to enhance climate resilience for future infrastructure investments, including roads, schools and bridges.
“Our commitment will also support local communities to better prepare for and recover from disasters, and address climate-related water and food security challenges.”
Philp said Australia would expand investments in nature-based solutions, conserving and rehabilitating mangroves and forests to help local communities maintain sustainable livelihoods and protect against disasters.