Source: New Zealand Government
Aotearoa New Zealand has announced a five-fold increase in its contribution to global efforts to support climate change adaptation.
The announcement of a new $15 million commitment to the Adaptation Fund was made while Climate Change Minister James Shaw is at COP27 in Egypt.
“Aotearoa New Zealand is committed to supporting those countries and communities that have 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.
“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.
“Today’s announcement sends an important signal about this 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.
“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,” James Shaw said.
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.
ENDS
Notes to Editors
The Adaptation Fund is the only multilateral climate fund dedicated to financing adaptation projects and programmes in developing countries. It was set up in 2007 to fund climate adaptation projects and programmes in developing countries that were parties to the Kyoto Protocol.
Since 2010, the Adaptation Fund has allocated more than US$923 million for climate change adaptation and resilience projects and programmes. This includes more than 130 projects in the most vulnerable communities of developing countries, with 33 million beneficiaries.
