Australia is to provide its Pacific neighbours with an extra $550 million (US$380 million) to bolster their resilience to a changing climate, the Labor government has announced.
The money goes to the Australian Infrastructure Financing Facility for the Pacific (AIFFP) which partners with private enterprise to provide grant and loan financing for energy, water, transport, telecommunications, and other infrastructure initiatives.
Its current investments cover everything from converting Timor-Leste’s coffee growers, to renewable energy, to installing submarine cables to Tonga and Palau, and upgrading Nauru’s international airport.
The Asian Development Bank estimates that over $43 billion in infrastructure investment is needed in the Pacific by 2030….
Australia Adds Another $550 Million to Pacific Climate Fund
