TÁNAISTE MICHEÁL MARTIN today announced a funding package of €50 million to support climate-related projects in countries that are most vulnerable to the impacts of climate change.
Martin made the announcement while attending the COP28 Summit in Dubai, which ends next Tuesday.
COP28 is bringing countries together to negotiate and make decisions on important climate issues, including cutting fossil fuels and increasing finance directed towards climate issues.
Meanwhile, the EU today appointed Minister for Climate Eamon Ryan as one of its lead negotiators on climate finance at COP28, alongside France’s minister for energy.
Minister Ryan said he was “very glad to be asked to negotiate on behalf of the EU”.
Tánaiste Micheál Martin said the new funding is part of Ireland’s “commitment to increase climate finance” and will see Ireland support adaptation initiatives in countries most vulnerable to climate change.
The €50 million package also includes an allocation of over €6 million for Small Island Development States (SIDS) and Martin today launched Ireland’s new SIDS strategy.
Martin was joined by former president Mary Robinson to launch Ireland’s second strategy for partnership with Small Island Developing States.
Currently launching Ireland’s ‘Second Strategy for partnership with Small Island Developing States’ alongside former President Mary Robinson at #COP28
— Micheál Martin (@MichealMartinTD) December 8, 2023
Why it’s so important 👇 pic.twitter.com/rizjrdvcNL
Around 50 million people live in SIDS, which are found in nearly every continent.
Many are microstates, with populations of less than 200,000 people.
Many are also disproportionately vulnerable to a range of natural and climate-induced disasters, including sea-level rises and drought.
Speaking today from COP28 in Dubai, Martin said “Ireland wants to see tangible and solid results from COP28”.
He called on countries to be “bolder in terms of their climate mitigation actions” and added that “countries to step-up and provide additional funding to support the adaptation measures in countries already on the front line of the climate crisis”.
He remarked that Ireland’s climate finance has doubled since 2015 and that by 2025, the State will meet its commitment to provide at least €225 million annually in climate finance.
“That will see us contribute to protecting communities already feeling severe impacts of climate change,” said Martin.
He added: “Some of this funding will be ring-fenced to specifically support Small Island Developing States (SIDS), many of whom are in a battle for survival.
“Ireland’s new SIDS strategy will outline how we will deepen our engagement and relationships with SIDS over the coming years.”
Elsewhere, the EU appointed Minister for Climate Eamon Ryan as one of its lead negotiators on climate finance at COP28.
The EU’s position in negotiations is that climate should be made central to all financial and economic decisions, and that international flows of finance should be in line with the need to limit temperature increase to 1.5 degrees.
“In order to do this, we will have to phase out fossil fuels,” said Minister Ryan this afternoon.
“But this can’t happen overnight, and we must have a meaningful alternative so that countries that are currently reliant on this polluting form of energy can switch easily and faster to clean, renewable energy systems.”
Day 8 at #COP28
— Eamon Ryan (@EamonRyan) December 8, 2023
I am very glad to have been asked to negotiate on behalf of the EU team on #climatefinance.
We have to phase out fossil fuels but we also have to finance the alternative & increase money going into renewables. #fossilfuelphaseout @Dept_ECC pic.twitter.com/VpmIkiFTcg
He said it will require a “reform of global financial systems, switching investment flows from fossil fuel into the clean energy sector”.
“In essence, this means that it must become cheaper and more attractive to invest in renewables, particularly for developing countries, and much more expensive and less attractive to invest in dirty energy systems and ongoing exploration.”
He added that “working to ensure financial flows are weighted in favour of clean energy in developing countries can power more balanced development, helping in turn to bring about greater global security and stemming forced migration because of climate breakdown”.
Last year, the minister was the EU’s lead negotiator on loss and damage.
-With additional reporting from Lauren Boland
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