This morning the New Zealand Government announced NZ$20m in finance specifically for climate change-induced loss and damage. This is a significant win for frontlines communities, small island states, and civil society organisations, who have been calling for loss and damage specific finance for too long.
Critically, however, the funds New Zealand has announced are merely a re-allocation of a portion of the $1.3b in climate finance the Government already announced late last year. Reallocating funding isn’t good enough - it must be new and additional.
This announcement comes as loss and damage finance makes it onto the UN climate change conference agenda for the first time, following significant efforts from Global South countries and civil society over many years.
The Pacific Islands Climate Action Network and New Zealand Climate Action Network reaffirm the call by Climate Action Network International for New Zealand to support the creation of a dedicated loss and damage finance facility at COP27, so that countries suffering unavoidable impacts of climate change will have access to the financial support they need.
