Climate Change

Bainimarama welcomes New Zealand’s lead on climate finance

November 9, 2022 4:30 pm

[Photo Credit: Nikkei Asia]

Prime Minister and Chair of the Pacific Islands Forum Voreqe Bainimarama has welcomed New Zealand’s announcement at COP 27 to provide finance for Loss and Damage.

In a tweet, Bainimarama stated the Pacific is proud to see New Zealand lead on loss and damage finance.

The Prime Minister adds that there’s no adapting to the loss of islands and communities, and it’s past time that developed nations stopped subsidizing fossil fuels and started supporting those who will lose the most to this crisis.

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New Zealand is joining a small group of wealthy countries to commit funding to help developing nations facing losses and damages caused by climate change, with an initial pledge of $20 million.

World leaders have gathered in Egypt for the United Nations climate change summit, COP27, where the internationally fraught concept is officially on the agenda.