Greens respond to Labor's $50m COP29 loss and damage announcement

Senator Mehreen Faruqi, Deputy Leader of the Australian Greens and Spokesperson for International Aid and Global Justice, has responded to Labor's announcement at COP29 of a $50 million contribution for loss and damage from climate change.

Australia has pledged $50 million towards a fund to compensate developing nations for climate change-related loss and damage, a move welcomed by the Greens but criticized for being insufficient.

The funding was announced by Climate Change and Energy Minister Chris Bowen at the COP29 climate summit in Egypt on Monday, part of a broader commitment by developed nations to establish a loss and damage finance facility.

The Greens welcomed the announcement, with Deputy Leader and International Aid and Global Justice Spokesperson Senator Mehreen Faruqi saying it was "about time."

"Finally, after years of pressure since the Loss and Damage Fund was agreed to, Labor has pledged $50 million towards it," Senator Faruqi said in a statement.

"This is a start but nowhere near the fair share for a country which is one of the largest exporters of coal and gas."

However, Senator Faruqi criticized the government for continuing to approve new coal and gas mines, saying this would "keep exacerbating climate driven disasters which results in the loss and damage suffered by the Global South."

"This pledge risks becoming a token gesture if the Albanese government continues to approve new coal and gas mines that will keep exacerbating climate driven disasters which results in the loss and damage suffered by the Global South," she said.

"The climate crisis is having a severe impact on Pacific nations who did nothing to create this disaster, yet bear the burden of the damage caused.

"Pacific nations need real and strong action from countries like Australia - that means ending new coal and gas, not pouring fuel on fire by opening the floodgates for fossil fuel projects."

The government has defended its approval of new coal and gas projects, arguing they are needed to meet the country's energy needs and support jobs.

But critics say the projects will contribute to climate change and ultimately increase the loss and damage suffered by developing nations.

The loss and damage fund is designed to provide financial assistance to developing nations that are particularly vulnerable to the impacts of climate change, such as rising sea levels, extreme weather events, and loss of biodiversity.

The fund will be used to compensate developing nations for the economic and non-economic losses they have suffered as a result of climate change, and to help them rebuild and recover from climate-related disasters.

The establishment of the loss and damage fund was a key outcome of the COP27 climate summit in Egypt last year, and developed nations have been under pressure to contribute to the fund.

Australia's $50 million contribution is the first installment of funding from a developed nation, and it is expected that other developed nations will also contribute to the fund in the coming months.