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Australia will rejoin the world’s major global climate finance fund, reversing a Morrison government decision to withdraw from the United Nations initiative.
The Abbott and Turnbull governments provided $200 million to the Green Climate Fund (GCF) between 2015 and 2018 before then prime minister Scott Morrison announced he would no longer “tip money into that big climate fund”.
The Morrison government followed up in the 2019 budget by ceasing payments to the fund, which finances projects in the developing world that cut emissions and promote climate resilience.
Foreign Minister Penny Wong said the decision would help restore Australia’s climate credentials in the Pacific.
Foreign Minister Penny Wong announced on Thursday morning that Australia would rejoin fund and announce a “modest contribution” before the end of the year.
“We have taken on board feedback from our partners in the Pacific on the best ways to direct our climate finance efforts and ensure all elements deliver for Pacific priorities,” Wong said.
“We recognise that the GCF is the most prominent global climate finance fund, and we will work with partners to improve the GCF’s effectiveness.
“At the same time, Australia is supporting the Pacific’s transition to renewable energy and is helping countries build climate resilience.”
A report by the Lowy Institute released last month described the fund as “a linchpin for global climate solidarity between rich and developing countries”, but noted it has “struggled to define its role in an increasingly crowded climate finance landscape” and was “seen as slow and difficult to work with, especially for the most vulnerable countries”.
Although the fund was not effectively targeting its funds towards countries with the greatest needs, the think tank said Australia should re-join the initiative to boost its climate credentials as it seeks to host the COP31 climate summit in 2026.
Then president Donald Trump announced he was withdrawing the United States from the fund soon after coming to office in 2017, saying it was “costing the United States a vast fortune”.
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