New Zealand boosts climate funding for Pacific nations

New Zealand remains committed to supporting developing nations, the country's Minister for Climate Change, Simon Watts, said at a high-level meeting within COP29.

According to Report, he highlighted the significance of international cooperation and assistance for small island developing states.

"We must ensure that global climate financing is effectively directed to these countries," Watts added.

As a testament to this commitment, New Zealand announced a substantial contribution of $20 million to the Pacific Resilience Facility and $10 million to the global Loss and Damage Fund.

New Zealand takes pride in its climate strategy, with 85% of its energy balance already coming from renewable sources, he said adding that the nation aims to double its current renewable energy figures by 2050. Watts also stressed the importance of the agricultural sector in New Zealand's climate efforts, where innovative solutions are being actively developed to mitigate climate impacts.

"Our farmers are among the most efficient carbon producers in the world in terms of emissions," he noted.

Watts further emphasized that carbon pricing is a powerful tool and mechanism in the fight against the climate crisis. "We are all working towards one goal—creating a sustainable and resilient future," he concluded.