INTERVIEW: Climate finance gap for Pacific nations revealed in new report

Children play at a school in Samoa where 70 per cent of people live in low-lying coastal areas vulnerable to rising sea levels (Caritas Australia).jpg

Children play at a school in Samoa where 70 per cent of people live in low-lying coastal areas vulnerable to rising sea levels Source: Supplied / Caritas Australia

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By Biwa Kwan
Source: SBS News

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A new report has calculated how much annual climate finance is needed to flow from rich nations to Pacific countries. The funds would help speed up the energy transition, address climate impacts, and deal with climate-related loss and damage. The report by Caritas Australia and the Jubilee Australia Research Centre finds that around US$1.5 billion is needed annually to meet the climate finance needs for Pacific nations. The current gap or shortfall is calculated to be two-thirds of that amount. Report co-author Damian Spruce from Caritas Australia spoke to Biwa Kwan about the report's findings as world leaders at COP29 negotiate a deal for a new climate finance target.

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