Oxfam Aotearoa welcomes and congratulates the NZ government’s recognition that loss and damage exists and requires funding, but Jo Spratt, Communications and Advocacy Director says it still isn’t good enough:
“Sadly, this is not new funding. Instead, it is allocated from New Zealand’s existing climate finance, which is for adaptation and mitigation. Financing for loss and damage must be new and additional to adaptation, mitigation and overseas aid funding. There is a severe funding shortfall – countries are suffering irreversible damage in the climate crisis.
“To put it into perspective, last month Oxfam revealed that 55 of the most climate-vulnerable countries have suffered climate-induced economic losses totalling over half a trillion dollars during the first two decades of this century.
“While New Zealand is amongst the leading countries in providing dedicated funding for loss and damage, two further steps are necessary to clearly demonstrate our commitment to the Pacific. First, New Zealand must back-up this announcement by supporting a new loss and damage finance facility to help ensure that finance to address loss and damage is accessible and sustained and is delivered in accordance with the principles of climate justice. Second, New Zealand can pledge this $20 million allocation to the new facility.”