PERTH (miningweekly.com) -  The Australian government has announced plans to increase its international climate finance commitment to A$2-billion over the next five years, to support developing countries in the region to tackle the impacts of climate change.

Prime Minister Scott Morrison committed a further A$500-million in funding, in addition to the A$1.5-billion already announced.

“Australia’s assistance will support Pacific and Southeast Asian countries to enhance climate resilience for future infrastructure investments, including roads, schools and bridges,” the Prime Minister said. 

“It will also drive private sector-led climate solutions that support clean technology, jobs and growth across our region. Australia stands with our Pacific family in our joint commitment to scale up mitigation and ensure adaptation support.

“Any solution on climate change that is geared only to developed countries does not solve climate change. We must empower and enable developing countries to industrialise and lift their incomes and standards of living in a new, decarbonised energy economy, as part of our global climate change response.”

Australia joins other countries, including the US, UK and Canada in doubling its previous climate finance pledge of A$1-billion between 2015 and 2020.

Minister for Industry, Energy and Emissions Reduction Angus Taylor said Australia is playing its part in global efforts to reduce emissions.

“Our focus on technology and getting the cost of clean energy solutions down is an approach that is relevant across our Indo-Pacific region,” Taylor said.

“Australia is a leader in adaptation efforts globally and we are building on our work in the region to reduce emissions and importantly increase prosperity.”

Australia will also be expected to share its scientific expertise, providing regional partners with better information and forecasts to plan water resource management and agricultural practices.

The country would further support programmes that mobilise private sector financing for developing countries to transition their energy systems and economies for a low-emissions future. This will include increasing access to affordable renewable energy, essential for developing nations to reduce emissions.

Meanwhile, Fiji has signed on as the first international partner to join Australia’s recently established Indo-Pacific Carbon Offsets scheme. 

The Indo-Pacific Carbon Offsets Scheme, announced in April, is modelled on Australia’s successful Emissions Reduction Fund (ERF) and is designed to develop a high-integrity carbon offset scheme in the Indo-Pacific region. 

The government is also investing an additional A$44-million, on top of the A$59.9-million originally invested into the scheme, taking the total investment to A$104-million over ten years. 

Morrison and Prime Minister Josaia Voreqe Bainimarama signed the agreement in Glasgow, which lays the foundations for a high integrity and accessible carbon market for Fiji. 

“The partnership will see our two countries share expertise to ensure Fiji is internationally recognised as a source of high-integrity carbon mitigation outcomes,” Morrison said. 

“We look forward to working with Fiji, other members of our Pacific family and Asian partners to share our expertise and drive investment in low emissions technologies.

“The Australian government is also providing further support to help countries in the Indo-Pacific region meet their international reporting obligations, attract investment to lower emissions and set up high-integrity carbon offset schemes with a A$44-million boost for the Indo-Pacific Carbon Offsets scheme.

“We’re encouraging the wider adoption of Australia’s world-leading approach to emissions solutions to support our neighbours reduce emissions and grow their economies. This is essential to ensure all countries can take advantage of the global transition to the new energy economy.”

Taylor said Australia would share technical expertise in carbon accounting with countries in the region to enable them to meet new Paris Agreement emissions reporting obligations.

“Australia is the gold standard when it comes to transparency and accountability in emissions reporting. We expect all major economies to be held to the same high standard and we will support countries in our region to build the capability of their emissions reporting.

“Our plan to get to net-zero emissions by 2050 recognises there is a role for voluntary purchases of high integrity credits from our region. We are putting in place the building blocks to enable that to occur.

“The scheme will also help Australia’s private sector meet its emissions reduction targets by enabling investment in credible projects in the region that demonstrate high environmental integrity.”