The Morrison Government is stepping up its renewable energy investment and climate and disaster resilience support in the Pacific by partnering with our nearest neighbors to protect their security and livelihoods.
The Prime Minister said, “He would detail a climate change and oceans package at the Pacific Islands Forum in Tuvalu this week that included $500 million over five years from 2020 from existing aid funds to help Pacific nations invest in renewable energy and climate and disaster resilience.”
“The $500 million we’re investing for the Pacific’s renewable energy and its climate change and disaster resilience builds on the $300 million for 2016-2020. This highlights our commitment to not just meeting our emissions reduction obligations at home but supporting our neighbours and friends.
The minister further said, “Australia is doing our part to cut global emissions and our Climate Solutions Package sets out to the last tonne how we will meet our 2030 target that will see us halve emissions per person and reduce the emissions intensity of our economy by two-thirds. The fact Australia leads the world in per capita investment in clean energy, we have the world’s most successful green bank in the Clean Energy Finance Corporation and that we’re on track to have around a quarter of our electricity needs met by renewables by 2020 all underscores the work underway to reduce our global emissions.”
The climate change and oceans package also includes a new climate infrastructure window in the Australian Infrastructure Financing Facility for the Pacific to advance the region’s energy ambitions, as well as new bilateral climate change dialogues with Pacific Island countries to better understand their needs and ambitions.
The Government has also set aside $140 million from the aid budget for the Australian Private Sector Mobilisation Climate Fund to mobilise significant private sector investments in low emissions, climate-resilient solutions for the Pacific and Southeast Asia. The fund will ultimately develop a significant portfolio of projects with contributions from the private sector and other agencies.
Minister for Foreign Affairs Marise Payne said the new package aligned well with the Morrison government’s Pacific Step-Up, which was deepening Australia’s engagement with its neighbours and maintaining its role as the partner of choice in the region.
Minister for International Development and the Pacific, Alex Hawke said, “These commitments demonstrate that when Australia says we will work more closely than ever with Pacific states on issues of greatest concern, including climate change, Australia means it.”
Australia will continue to be a champion for the needs of the Pacific through our Step Up programme whether it’s for the environment, for security or for investment to support a region that is secure strategically, stable economically and sovereign politically.