ROADMAP PAVES THE WAY FOR AUSTRALIA TO INVEST IN CLIMATE FINANCE

WWF-Australia has welcomed Australia’s role in developing a new international roadmap for climate finance.

Released today, the roadmap represents an opportunity for Australia to step-up its commitments to help protect our neighbours against the impacts of global warming, including by increasing our climate finance commitments.

The ‘Roadmap to $US100 Billion’ details the progress and plans to deliver the $100 billion per year by 2020 pledged by developed countries under the UN climate change negotiations.

“The Roadmap shows some promising signs that progress is being made towards scaling-up both the quantity and quality of climate finance”, said Nat Burke, WWF-Australia Policy Manager for Asia-Pacific Sustainable Development.

“It’s significant that Australia has played a key role in developing this roadmap, and important that our country continues to demonstrate leadership, particularly given some of our closest neighbours are among the most vulnerable to climate change."

“The Roadmap should be seen as a major opportunity for Australia to look for ways to better collaborate with governments, NGOs and businesses to increase investments in the sustainable future of these nations.”

WWF-Australia, in partnership with the Department of Foreign Affairs and Trade, the Australian Council for International Development and Oxfam are helping find innovative solutions to climate finance through a unique group under the Climate Finance Roundtable.

“The Roundtable is a joint effort between government, NGOs and industries with billions invested in the Asia-Pacific region. Together we are putting new ideas on the table which are aimed at mobilising public and private finance to deliver real solutions to the communities and countries most vulnerable to the devastating effects of climate change”, said Mr Burke.

“We all agree that this is not only the right thing to do, it also makes good business sense to help the people and places we are increasingly connected to."

“The Roadmap details many ways to help raise the climate finance needed, including a focus on phasing out fossil fuel subsidies, which globally represent more than five times the amount of the collective US$100 billion climate finance goal."

“Further, the roadmap points to estimates that the phase-out of fossil fuel subsidies could deliver a 10% reduction in global greenhouse gas emissions by 2030."

“Removing support for fossil fuels here in Australia and investing this money into helping developing countries mitigate and adapt to the impacts of climate change should be part of the mix going forward,” said Mr Burke.

WWF-Australia recently released the Climate Cash podcast series looking at ways Australia is helping to address the urgent need of climate finance in the Asia-Pacific region.

WWF-Australia Media Contact: Daniel Rockett, Senior Manager News & Public Affairs, 0432 206 592, drockett@wwf.org.au