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 legal and moral duty to support communities in low-income countries grappling with the impacts of climate change.

With New Zealand’s 1.3 billion climate finance commitment nearing its end and COP29 approaching where climate decisions will be made, 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.

This report highlights New Zealand’s opportunity to provide a fair share of climate finance and support communities on the frontlines of climate change in the Pacific. This report is published in anticipation of upcoming climate finance decisions for the New Zealand Government.

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 $100 billion global goal

In 2009, at COP15 in Copenhagen, New Zealand and other higher-income countries agreed to contribute US$100 billion annually in global climate finance until 2020. The goal was extended to 2025, with a new, higher target likely to be set at COP29 in Azerbaijan this November.

The report reveals that to meet its fair share of climate finance, New Zealand should be contributing between 0.38% and 0.66% of the global climate goal, based on its responsibility for greenhouse gas emissions and ability to pay.

Although New Zealand’s climate finance falls short by over NZ$200 million, its funding has been steadily increasing and, unlike many countries that use loans, New Zealand stands out by offering all its climate finance as public grants, which are essential for supporting frontline communities.

As new climate finance goals are set for the 2026-2030 period, 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.

Enhance New Zealand’s climate finance commitments

By providing its fair share of the refreshed global goal and prioritising grants over loans climate finance, New Zealand can contribute to make a difference for communities on the frontlines of climate change. This additional funding, beyond current aid efforts, can help transform the lives of children and families, enabling them to thrive in a changing world.

Advocate for a fairer and stronger climate finance goal

At COP29, New Zealand has an opportunity to stand with the Pacific and advocate for a stronger, fairer climate finance target that meets the needs of the lower-income countries for adapting to climate change, reducing emissions, and dealing with losses.

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

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

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

Why a fair share?

Why a fair share?

The $100 billion global goal

The $100 billion global goal

New Zealand's Fair Share

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

As the world prepares for a stronger goal on climate finance, New Zealand has an opportunity to stand with frontline communities for a fairer, safer future by paying its fair share of climate finance.

Enhance New Zealand’s climate finance commitments

Advocate for a fairer and stronger climate finance goal

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