Australia has strengthened its climate commitments by announcing investments of over $20 billion in clean energy and an additional $50 million contribution to the Loss and Damage Fund, Australia's Minister for Climate Change and Energy Chris Bowen said at a high-level meeting during COP29.
He emphasized that Australia continues its work on reducing emissions and promoting clean energy.
Climate action makes economic sense at every level - from household budgets to the national economy, he said, adding that Australia is investing more than $20 billion in clean energy under the Made in Australia program. This is the largest measure aimed at creating jobs and developing new industries.
Australia also announced an additional contribution of $50 million to the Loss and Damage Fund, as well as a fundamental contribution of $100 million to the Pacific Resilience Facility, which will support climate change response projects in the Pacific region. The prime minister stressed the need to continue moving forward.
Chris Bowen emphasized the importance of international cooperation to achieve the Paris Agreement climate goals and confirmed Australia's bid to host COP31 in partnership with the Pacific region. According to the prime minister, this bid will be an important step in strengthening global efforts to combat climate change. He expressed his country's readiness to contribute to organizing this critical forum.
The prime minister expressed his gratitude to COP29 President Mukhtar Babayev and said they are looking forward to working closely with Babayev and his team to achieve results.