Global climate fund hits $10bn goal

An international fund aimed at helping developing nations adapt to climate change has reached the $10 billion (£6.4bn) target. It follows a surprise contribution from Australia, which pledged to provide […]

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By Priyanka Shrestha

An international fund aimed at helping developing nations adapt to climate change has reached the $10 billion (£6.4bn) target.

It follows a surprise contribution from Australia, which pledged to provide AUD$200 million (£106m) over four years.

The nation’s Prime Minister Tony Abbott previously resisted global pressure to commit to the fund, arguing Australia already spends billions of dollars on its domestic budget and its so-called “green bank”.

Mr Abbott and Minister for Foreign Affairs Julie Bishop said the pledge “will facilitate private sector-led economic growth in the Indo-Pacific region with a particular focus on investment in infrastructure, energy, forestry and emissions reduction programmes”.

Belgium has also committed €51.7 million (£40.8m) to the Green Climate Fund and last month the UK pledged to provide up to £720 million.