At COP29, governments agreed on a new global finance goal, tripling the previous commitment from US$100 billion to US$300 billion annually by 2035. This new target reflects the urgent need for scaled-up support to low-income countries, particularly for
adaptation, resilience, loss and damage, and just transition efforts.
Pacific Island states and other developing countries are bearing the worst impacts of global heating, despite being the lowest historical emitters and having the fewest resources to respond. There is a substantial financing gap between the economic capacity of developing countries and funds that they need to implement emissions reduction targets, adapt to climate impacts, and recover from losses and damages.
The Government has the opportunity to start redressing this shortfall by committing to triple its current climate finance contributions in its new 2025-2030 climate finance target and ensuring this target is met with new funds that complement the aid budget.
