Climate finance for island states
Deputy Farrell asked whether increased overseas development aid for climate mitigation would be maintained in future years. Deputy Coveney said Ireland had announced new climate finance for small island states and would more than double climate finance by 2025 with new money.
Most Members will welcome the increase in overseas development aid the Minister announced this week, which provides for a larger commitment to climate-mitigation measures in developing countries. While that is welcome and appropriate at this time, can he give a commitment that such additional funding in the ever-increasing pot of overseas development aid the Government is providing for will include those sums for future years to ensure countries such as those islands that identified themselves through impassioned speeches during COP26 will be supported by this country?
Comment on this
This week in Glasgow we announced an additional €4.2 million for small island developing states in the Caribbean and Pacific. This will go to supports for catastrophe insurance and climate adaptation funds. We have given this significant commitment of more than doubling our climate finance as part of overseas development aid funding by 2025. We will go from spending €93 million on climate finance currently to €225 million. I insisted that that be new money so that we are not diverting money away from other essential humanitarian assistance to fund that. That obviously needs to be taken into account in budgets in the coming years.