Pacific Island countries are especially vulnerable to impacts of climate change including rising sea levels, salt-water incursion and extreme weather events. In coming years, many of these countries will need to build new infrastructure that is more resilient to these climate impacts and to move to cleaner energy sources.
Labor will create a Pacific Climate Infrastructure Financing Partnership to support climate-related infrastructure and energy projects in Pacific countries and Timor-Leste.
Support will be provided in the form of grants and loans. Projects will be developed and agreed with Pacific governments. The program will also partner with Australian clean energy businesses to roll out small-scale clean energy infrastructure in Pacific countries. This will help Pacific countries meet the energy needs of their remote communities while providing opportunities for Australian businesses to supply infrastructure and train Pacific businesses and workers in maintenance and operational requirements for these systems.
The Pacific Climate Infrastructure Financing Partnership will be a new stream within the existing $3.5 billion Australian Infrastructure Financing Facility for the Pacific. It will commence in 2022-23.
The Pacific Climate Infrastructure Financing Partnership will be complemented by Labor’s bid to co-host a future UN Climate Change Conference of the Parties with Pacific Island countries, demonstrating to our region and to the world that Australia under Labor is committed to rebuilding our climate leadership.
This will be bolstered by Labor’s Powering Australia Plan, and our commitment to a climate change threat assessment for Australia and for our region.