Thursday, June 13, 2024

$15m commitment to climate adaptation fund announced

Climate Change Minister, James Shaw, has announced a $15 million commitment to the the global climate change Adaptation Fund at COP27 in Egypt. 

Mr Shaw said NZ was committed to supporting countries and communities with the fewest resources to respond and to recover from the impacts of the climate crisis.

“That is why at least half of this Government’s NZ$1.3 billion climate finance package will be targeted at projects that support climate resilience, especially in the Pacific,” the Minister said.

“Most of our support is allocated by working directly with countries. Working in this way means we can prioritise support where it is needed most in the Pacific. What I am announcing today will complement this targeted work by boosting a global fund dedicated to helping countries adapt to the impact of the climate crisis.

“Working in tandem with targeted support for the Pacific, our contribution to the Adaptation Fund will play an important role in scaling up global support for countries to adapt to the impact of the climate crisis.”

Mr Shaw said today’s announcement sent an important signal about the New Zealand Government’s commitment to global action to support communities to build a safe and fair future. It highlights New Zealand’s commitment to scaling up its climate finance commitment quickly and effectively, he said.

“Last year, at COP26 in Glasgow, rich, polluting countries were urged to double adaptation finance over 2019 levels by 2025. Aotearoa New Zealand is stepping up to meet this challenge.”

The contribution to the Adaptation Fund is the second funding announcement made around COP27. It follows a commitment of $20 million of dedicated finance for loss and damage. Both are allocations from the $1.3 billion climate finance commitment for 2022–2025.

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