Bali, Indonesia, 14 October 2018 – Finance ministers from the V20 Group of climate vulnerable nations today issued a plea for large-scale shifts to global investment – shifts required if the global community is to embark on the transformational changes the Intergovernmental Panel on Climate Change’s 1.5C report said will need to take place if we’re to limit  global warming to 1.5 degrees Celsius. [1]

“The IPCC report gave us an alarming insight into the scale of harm that small island nations nations like mine, Fiji, will face,” said Kelvin Anthony, Greenpeace Australia Pacific’s Fiji campaigner. “Fijians and other Pacific Islanders are already witnessing some of these impacts.  

“Pumping money into coal and oil will only make the climate breakdown worse – it’s dumb, it’s dangerous, and it’s going to expose us all to the risks of climate change.

“This is dangerous for everyone – rich or poor alike. The climate vulnerable are on the frontlines right now, but sooner or later everyone will be if we continue to burn coal, oil and gas.”

The IPCC report signalled that USD$2.4 trillion will be required to fund changes required to keep warming within 1.5C, but that this will provide for higher global aggregate economic growth because of lower climate related risks.

“Small Island States are the ones leading through their announced roadmaps towards a zero carbon world by 2050,” said Anthony.

“It’s crazy that the Marshall Islands and Fiji are so far ahead of places like France and Germany. Rich, developed countries must do more. There is no more second guessing. If rich nations can’t show us their plans to close their coal fleets, and to eliminate carbon pollution from their economies, then what is their plan for us?

“I want a liveable future for my daughter, but that will require bigger, richer, higher polluting countries stepping up and shifting the patterns in investment required if we are to avoid entire Pacific nations sliding beneath the waves. Importantly they must ensure climate vulnerable countries have the financial and technical support required to adapt, grow, and transition their economies.”

Anthony said Australia has a key leadership role to play in this transition as one of the Pacific’s nearest developed neighbours.

“The urgent and rapid investment and transition towards clean energy sources will not happen without economic, technological, and political leadership by developed nations,” said Anthony.

“If Australia is truly serious about protecting and being an ally to the nations in the Pacific they will rethink their support of the toxic coal industry and continued resistance to serious measures to reduce emissions.”

END

Notes:

[1] Full copy of the Communique is here

Contacts:

Simon Black, Senior Media Campaigner, Greenpeace Australia Pacific, phone: +61 (0) 418 219 086, simon.black@greenpeace.org

Greenpeace International Press Desk, pressdesk.int@greenpeace.org, phone: +31 (0) 20 718 2470 (available 24 hours)