Doing our fair share: Climate Finance Report

As climate change intensifies, communities least responsible for its impact bear the heaviest burden. New Zealand, alongside other high-income nations, have a responsibility to support communities in low-income countries grappling with the impacts of climate change.

With the establishment of a new climate finance global goal of US$300 million by 2035 at COP29, wealthy countries like New Zealand need to take the lead in meeting this goal to support countries on the frontlines of climate change.

New Zealand has the opportunity – and the responsibility – to provide its fair share of climate finance and stand with the Pacific to ensure a fairer and more sustainable future for people most affected by climate change. Countries on the frontlines are urging global action, and New Zealand must rise to the challenge.

World Vision New Zealand is urging the New Zealand Government to commit to paying its fair share of the new global goal when its current funding ends in 2025. Our recent report with Oxfam Aotearoa finds New Zealand’s fair share to be at least 0.38% and up to 0.66% of the global goal.

What is Climate Finance and why is it important for addressing climate change?

Climate change causes extreme weather, degraded land, and frequent famines, affecting the children and communities World Vision works with. Those facing the most severe impacts often live in poverty, unable to afford the necessary tools to shift to greener livelihoods and prepare for extreme weather. Children and their communities need fair funding to help them respond to climate change.

Climate finance involves funding to support lower-income countries to cover the costs of shifting to greener systems, adapting to our warming world, and dealing with losses and damages from extreme weather – all vital for a response to climate change that leaves no one behind.

High-income nations, like New Zealand, are expected to lead this effort, given their higher historical emissions and greater financial capacity.

Why a fair share?

Higher-income countries should pay their fair share of climate finance, reflecting their responsibility for the climate crisis and their ability to pay. This aligns with the UNFCCC’s principle of “common but differentiated responsibilities and respective capabilities”, guiding fair and equitable climate action.

The new $300 billion global goal

In 2024 at COP29 climate summit in Azerbaijan, New Zealand and other higher-income countries agreed to provide and mobilise at least US$300 million per year (and aiming for US$1.3 trillion annually) by 2035. This new global goal replaced the first US$100 billion annual target.

Original goal: New Zealand’s fair share of the first US$100 billion goal climate finance was at least NZ$558 million and up to NZ$953 million per year.

New global goal: With the new US$300 billion global goal, New Zealand’s fair share increases to at least NZ$1.7 billion and up to NZ$2.9 billion by 2035.

Currently, New Zealand gives NZ$325 million per year, which is only 11% to 19% of its fair share of the new global goal.

With a new global climate finance goal set at COP29, New Zealand has a fresh opportunity to show global leadership by committing to provide a fair share of climate finance and ensuring its contribution truly make a difference for the frontline communities.

With a new climate finance global goal established, New Zealand has an opportunity to stand with frontline communities for a fairer, safer future by scaling up its current climate finance contributions and developing a clear plan to meet its fair share of the updated target by 2035.

New Zealand’s Responsibility to provide its fair share of Climate Finance - Report

Rising to the challenge: Boosting New Zealand’s Climate Finance

What is Climate Finance and why is it important for addressing climate change?

Why a fair share?

Why a fair share?

The new $300 billion global goal

The new $300 billion global goal

New Zealand's Fair Share

We are calling on our government to:

Countries on the frontlines are urging global action, and we must rise to the challenge.

With a new climate finance global goal established, New Zealand has an opportunity to stand with frontline communities for a fairer, safer future by scaling up its current climate finance contributions and developing a clear plan to meet its fair share of the updated target by 2035.

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