New Zealand and Australia Boost Climate Funding

At the COP29 climate summit in Baku, New Zealand and Australia made significant pledges to the global climate financing efforts aimed at supporting vulnerable nations. New Zealand announced a $10 million contribution to the Global Fund for Loss and Damage, along with a prior commitment of $20 million to the Pacific Resilience Facility, emphasizing its commitment to assist communities affected by climate change. In contrast, Australia pledged $50 million to the Loss and Damage Fund, reinforcing its commitment with an existing $100 million for the Pacific Resilience Fund and aiming for substantial renewable energy investments by 2030. Both nations underlined the importance of international cooperation, with New Zealand focusing on innovative financing approaches and Australia emphasizing its responsibilities towards Pacific nations. Criticism arose regarding New Zealand's contribution, as activists felt it was insufficient given the scale of climate impacts faced by Pacific countries. The global community is now looking to agree on a new climate finance framework to replace the existing commitments that expire in 2025.