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NZ to increase global climate finance commitment to NZD 300 mln

The increased investment is being made from New Zealand’s Overseas Development Assistance, which was increased by nearly 30% ($NZ714 million) in Budget 2018 to support the Pacific Reset.


NZ to increase global climate finance commitment to NZD 300 mln
This funding will complement our ongoing support to help developing countries in the Pacific and beyond meet their emissions targets through renewable energy and agriculture initiatives,” Jacinda Ardern said. (Image Credit: Pixabay)

New Zealand will increase its global climate finance commitment to $300 million over four years, Prime Minister Jacinda Ardern announced today in New York at the launch of Climate Week NYC, where she was a keynote speaker.

The Prime Minister is in New York attending the United Nations Leaders Week and action on climate change is high on her agenda.

The increased investment is being made from New Zealand's Overseas Development Assistance, which was increased by nearly 30% ($NZ714 million) in Budget 2018 to support the Pacific Reset.

"This funding allocation will focus on practical action that will help Pacific countries adapt to climate change and build resilience. For example, providing support for coastal adaptation in Tokelau to reduce the risks of coastal inundation; and continuing our efforts to strengthen water security across the Pacific, building on current initiatives such as those in Kiribati where we are working to provide community rainwater harvesting systems and are investing in desalination," Jacinda Ardern said.

"New Zealand is fully committed to the Paris Agreement and to taking urgent action to support our transition to a low-carbon and climate resilient economy.

"New Zealand is committing to providing at least $300m over four years in climate-related development assistance, with most of this going to the Pacific.

"We have a responsibility of care for the environment in which we live, but the challenge of climate change requires us to look beyond our domestic borders, and in New Zealand's case towards the Pacific.

"The focus of this financial support is on creating new areas of growth and opportunity for Pacific communities. We want to support our Pacific neighbors to make the transition to a low carbon economy without hurting their existing economic base.

"Climate change is a priority area for New Zealand's Pacific Reset announced by Foreign Minister Peters in February. This commitment of $300m over four years is a significant increase in our existing commitment of $200m in the four years to 2019.

"We recognize our neighbors in the Pacific region are uniquely vulnerable to the impacts of climate change. This week I will be making a number of representations alongside our Pacific neighbors to ensure the world is aware of the impact of climate change in our region and the cost of inaction.

"This funding will complement our ongoing support to help developing countries in the Pacific and beyond meet their emissions targets through renewable energy and agriculture initiatives," Jacinda Ardern said.

(With inputs from New Zealand Government press release)


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