Consistent with our commitment to play our part in the global response to climate change, Australia will pledge $200 million over four years to the Green Climate Fund.
The announcement will be made to the United Nations Climate Change Conference in Lima, Peru today by the Minister for Foreign Affairs, the Hon Julie Bishop MP.
All countries should take practical and proportionate steps to take action on climate change while safeguarding economic growth.
Australia is already making major contributions to address the effects of climate change, including through national direct action and international engagement, including our aid programme.
We will allocate $200 million over four years from our aid programme to Australia’s contribution to the Green Climate Fund which will bring total international contributions to the fund to over the target of USD$10 billion.
The pledge to the Green Climate Fund will facilitate private sector led economic growth in the Indo-Pacific region with a particular focus on investment in infrastructure, energy, forestry (building on the successful Asia Pacific Rainforest Summit hosted in Sydney in November) and emissions reduction programmes.
The Government is committed to reducing Australia’s emissions. The Direct Action Plan, with the $2.55 billion Emissions Reduction Fund at its centre, will help achieve our 2020 target. This is equivalent to a reduction of emissions of 12 per cent below 2005 levels.
The Government has committed to review its international emissions reduction targets and settings in the lead-up to the Paris climate conference next year.
A taskforce will be established in the Department of the Prime Minister and Cabinet to propose possible new post-2020 targets for Australia to take to the Paris Conference of the UNCCC in December 2015.
This review will take into consideration action taken by the major economies and our major trading partners. Any new post-2020 target would be announced in mid-2015 after the taskforce has completed its work.
Australia will continue to take effective action against climate change which is consistent with continued strong economic growth, jobs growth and development.
10 December 2014