Media Statement on Government's Fast Start Financing Report Media Release

Dec 10, 2010 - 9:00am

The Climate Institute today welcomed the fast start funding progress report released by Minister Combet and urged the Government to continue to seek the establishment of a Global Climate Fund in Cancun.

“Climate finance is critical to delivering low pollution economic development; protecting tropical forests and helping the world’s most vulnerable people build resilience to escalating climate change impacts,” said Erwin Jackson, Deputy CEO, of The Climate Institute. 

“Climate finance can also develop new export markets for Australian clean energy innovations and help stabilise regional security as climate impacts escalate.”

“Delivering fast start funding for the period 2010-2012 will be crucial to building trust between countries and adding momentum to the UN climate talks. In this context, Australia’s report is timely and welcome”, Mr Jackson said. 

In particular, the announcement that Australia will contribute $15 million to the UN Adaptation Fund is a significant step forward. This is the single biggest contribution to a UN climate fund ever made by Australia.

Australia’s fast start funding package strikes the right balance between the need to help countries reduce their economic dependence on pollution, and helping them deal with the damaging effects of climate change. Importantly, the roughly 50/50 split between adaption and reducing pollution accords with developing countries calls for a more balanced approach to climate finance.

“The fast start package is an important first step and we look forward to the Australian Government scaling up these commitments over the coming years, with a view to delivering Australia’s fair share of the Copenhagen Accord commitment to mobilise US$100 billion a year of new and additional funds from the public and private sector by 2020.”   

“In Cancun, Australia has a central role to play to lock in a steadfast commitment through a formal UN decision to establish and operationalise this new global climate fund by Durban next year,” Mr Jackson said.

For more information:
Will McGoldrick | Policy & Research Manager, The Climate Institute | OR  +61 415 043 696

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