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Australia is working with its Indo-Pacific partners to deliver on our shared commitment to scale up mitigation and provide adaptation support in response to the common challenge of climate change.
Today, I am announcing Australia’s support for two new climate investments that will raise up to $500 million to help countries in Southeast Asia adapt to climate change through better management of forests, land and agriculture.
These investments are part of the Morrison government’s recent decision to increase its climate funding to $2 billion through 2025 to support mitigation and adaptation efforts in our region.
The investments leverage Australian government development assistance to leverage much greater levels of private sector investment in the region.
The Australian Climate Finance Partnership will make its initial investment of approximately $13 million in a sustainable forestry fund in Southeast Asia – the Tropical Asia Forest Fund 2. This contribution will target climate, biodiversity and livelihoods associated with the fund’s forestry activities and will help raise a total fund of $300 million. Investments will be made in Malaysia and Indonesia, and possibly in other countries in the region.
The Australian Government is also providing separate design assistance through our partnership with Convergence Blended Finance for a new Asia Climate-Smart Landscape fund in Indonesia. This fund aims to mobilize $200 million and will support long-term loans to small and medium enterprises to achieve sustainable results in agriculture, land regeneration and forest protection.
By bringing together public and private sector resources and expertise, the Australian Government is amplifying the impact of our climate finance. This not only increases the pool of climate finance available in partner countries, but also encourages solutions that support sustainability and resilience.
These new investments underscore the Australian Government’s commitment to deepening our climate cooperation with partners across Southeast Asia in ways that focus on the region’s priorities.
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