Prime Minister Anthony Albanese has called on governments, financial institutions and private investors to support the Pacific Resilience Facility, a Pacific-owned fund aimed at helping vulnerable island communities respond to the impacts of climate change.
Speaking at the COP31 climate conference in Antalya, Türkiye, on Friday, Albanese said the facility would provide direct support to communities facing rising sea levels, saltwater intrusion, extreme weather and other climate-related challenges.
Joined by Pacific leaders, including Palau President Surangel Whipps Jr, Albanese described the initiative as a fund created by the Pacific for the Pacific, designed to deliver grants for climate adaptation, disaster preparedness and recovery.
“The Pacific is particularly vulnerable to climate change, and we know that countries such as Kiribati and Tuvalu, their very existence is threatened,” Albanese said.
He urged international partners to increase their contributions, saying the facility offered an opportunity to turn climate commitments into practical support for communities across the region.
“This is the entry fee for credibility in the Pacific,” he said, calling on governments, development partners, financial institutions, investors and philanthropic organisations to back the initiative.
The facility has attracted contributions from 23 investors, according to Albanese, with support coming from the Pacific and other parts of the world. Australia is a founding contributor.
President Whipps said Pacific leaders had pushed for a financing mechanism that would be owned and managed by the region and deliver assistance to communities most exposed to climate risks.
He said the Pacific Resilience Facility aimed to provide grants rather than add to the debt burden of island nations already dealing with the consequences of climate change.
Using the example of a ship damaging a small canoe and then offering its owner a loan to repair it, Whipps questioned why vulnerable island countries should have to borrow money to recover from climate impacts they have contributed little to causing.
He said Pacific countries, together with Australia and New Zealand, had contributed around $100 million, while the total pledged with other partners had reached $200 million at COP31. The target is $500 million to make the facility fully operational and enable grants to reach communities.
“At this point in time, have put together, including Australia and New Zealand, 100 million. At this COP, as of today, we’re at 200 million with our other partners. We need to get to 500 million,” Whipps said.
Australia’s Minister for Climate Change and Energy Chris Bowen said Pacific countries received only 0.2 per cent of global climate finance for adaptation, despite being among those most exposed to climate change.
Bowen said Australia had worked to bring Pacific priorities to the centre of COP31 discussions, including improving access to climate finance and keeping the goal of limiting global warming to 1.5 degrees Celsius within reach.
He also pointed to commitments announced by Denmark, the Netherlands, Ireland and the United Kingdom following the Pacific Pre-COP discussions.
Bowen said the Asian Development Bank and the Green Climate Fund had announced a $1 billion regional climate programme covering 14 countries, while the Green Climate Fund was opening its first regional office in Fiji.
Minister for Pacific Island Affairs Pat Conroy described the Pacific Resilience Facility as a regional initiative that puts Pacific leadership at the centre of climate action.
The COP31 discussions also addressed the broader climate transition, including electrification and the role of fossil fuels. Albanese said no single measure could address climate change, while Bowen argued that accelerating electrification was essential to efforts to limit global warming.
Albanese said Australia’s focus on Pacific priorities reflected the country’s regional interests and its commitment to working with neighbouring countries.
“What happens in the Pacific matters to Australia – this region is our home, and we will continue to back Pacific-led climate action,” he said.
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