BAKU, Azerbaijan, November 19. New Zealand is pledging an additional $10 million to the Global Fund for Loss and Damage in response to the impacts of climate change, the country’s Minister for Climate Change, Simon Watts, said in his national address at the COP29 summit in Baku, Azerbaijan, Trend reports.
“We are committed to ensuring this fund provides effective support to the most affected communities, helping them recover from climate impacts and build a more resilient future,” Watts said.
The minister also emphasized that New Zealand had previously earmarked $20 million to bolster the Pacific Resilience Fund, a collaborative initiative launched by Pacific Island nations to enhance their capacity to adapt to climate change challenges.
“Climate change poses a serious challenge for all nations, but New Zealand is firmly committed to achieving its climate goals and contributing to mitigating the impacts of the climate crisis. We are proud of our collaboration with partners, especially in the Pacific region, supporting their climate priorities. New Zealand is adopting innovative approaches to climate financing, including Country Flexible Finance, which enables partners to determine the use of funds as per their needs,” he added.
Watts also highlighted that New Zealand is on a trajectory of growth in its renewable energy landscape, with an impressive 85 percent of the nation’s electricity being generated from sustainable sources. The goal is to double this figure by 2050.
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