Climate Change Minister Simon Watts announced New Zealand will contribute NZ$10 million to the new Fund for Responding to Loss and Damage while at the annual United Nations Climate Change Conference (COP29) in Baku, Azerbaijan.
“New Zealand is joining the global effort to address the significant challenge of responding to loss and damage caused by the adverse effects of climate change, including from extreme weather events and sea level rise,” Mr Watts says.
The Fund for Responding to Loss and Damage was set up last year at COP28 to help developing countries that are particularly vulnerable respond to economic and non-economic loss and damage caused by the adverse effects of climate change.
“Addressing loss and damage from climate impacts that go beyond the limits of adaptation is a high priority for New Zealand and the Pacific as we need to support resilience in the region,” Mr Watts says.
“We want this global fund to deliver effective support to the people in the most affected and vulnerable regions so they can recover from the impacts of climate change and build stronger, more resilient communities.”
New Zealand’s contribution is part of its NZ$1.3 billion climate finance commitment for 2022-2025, and is administered by the Ministry of Foreign Affairs and Trade through the International Development Cooperation (IDC) Programme. More than half of this funding is being delivered in the Pacific, and more than half is supporting climate change adaptation initiatives.
This is the second climate finance investment specifically targeted at addressing loss and damage.