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Marion Rae

Australia back at the climate finance negotiating table

A Pacific climate finance package, backed by Australia, was announced at the COP28 summit in Dubai. (EPA PHOTO)

Australia has rejoined one of the world’s largest global climate funds to push for more finance for vulnerable Pacific neighbours.

Some $50 million has been pledged for the international Green Climate Fund (GCF), along with $100 million for a resilience facility established by Pacific Islands Forum leaders in 2017.

Climate and Energy Minister Chris Bowen said federal Labor has been restoring Australia's climate leadership since it was elected and looks forward to continuing to work closely with the region to call for stronger global action.

By rejoining the global fund, Australia can advocate for funding that meets Pacific needs, he said at the COP28 climate summit in Dubai.

Foreign Minister Penny Wong said the separate Pacific facility would benefit communities directly and make it easier for them to access climate finance.

"We call on other donor countries to follow Australia’s lead and pledge serious funding towards the $US500 million target for the Pacific Resilience Facility," she said.

But the Pacific climate finance package announced at the COP28 summit does not go far enough to address climate harm, Greenpeace Australia Pacific spokesman Shiva Gounden said on Friday.

To meet its responsibility to "the Pacific family", Australia must phase out fossil fuels and make a fair contribution to a new loss and damage fund, not make other side deals, Mr Gounden said.

"As the third largest fossil fuel exporter in the world, we cannot shirk our responsibility to help pay for the climate damage we have helped to create," he said.

A landmark loss and damage fund was agreed on day one of the two-week summit in Dubai to support the most vulnerable and poorest countries to keep up with the rising costs of extreme storms and floods.

Pacific Islands climate activist Lagi Seru said Australia had an "outsized contribution" to the climate crisis as a major fossil fuel producer and the commitments were "a step in the right direction".

Assistant Minister Jenny McAllister said Australia shared the vision for a "Blue Pacific Continent" where the wellbeing of Pacific people is secured.

"While Australia and the world work to mitigate future impacts, these contributions will help the Pacific adapt to the challenges they face," she said.

The GCF was set up in 2015 as part of the landmark Paris Agreement but Australia stopped contributing under the leadership of Scott Morrison, citing concerns about the way it was run.

Economist Nicki Hutley said the federal government should build on the pledges with a solid plan to phase out coal, oil and gas.

"While it's good that Australia is providing money to build resilience that becomes meaningless if we keep enabling the very polluting industries that are causing the problem in the first place," she said.

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