Australia announces US$78.7 mln climate funding

0 CommentsPrint E-mail Xinhua, December 10, 2010
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The Australian federal government on Friday announced 78.7 million U.S. dollars of support measures to help Pacific nations threatened by climate change.

"Australia is fulfilling our commitment made at climate change talks last year to ensure adaptation funding is prioritized to the most vulnerable developing countries," Climate Change Minister Greg Combet told an United Nations climate change conference in Cancun of Mexico, quoted by Australia Associated Press.

According to Foreign Minister Kevin Rudd, the funding made a significant contribution to responding to the needs of small island developing states, and Australia will continue to work closely with partner governments, regional organizations and other donors, to ensure the funding is directed to the most urgent needs.

Combet also announced that Australia would contribute 9.8 million U.S. dollars to a partnership fund, which aims to provide help to mobilize private investment to tackle climate change.

"Carbon markets are crucial for leveraging private sector finance and achieving the scale of funding required to reduce global emissions," he said.

Combet also reaffirmed Australia's commitment to a binding international agreement, saying that a single treaty for all parties would be the simplest and most transparent option.

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