The UK and Australia have tabled an agreement which will see closer cooperation on offering finance for infrastructure in the Indo-Pacific.
The new deal sets the stage for disaster resilient and climate adapted infrastructure, foreign secretary Liz Truss confirmed today.
The government aims to mobilise £8bn of UK-backed financing a year by 2050, as the impacts of climate change demands updated infrastructure in the region.
“The UK and Australia are natural partners, and we are determined to play a positive and proactive role by financing and delivering clean infrastructure that is reliable and honest,” Truss said. “The UK is committed to building a ‘network of liberty’ and that means championing democracy by supporting countries in the Indo-Pacific to resolve their development needs.”
The government, at COP26 in November, announced a £274m boost to deliver climate resilience projects, which include unlocking climate finance, strengthening water security, and helping communities adapt.
The funding boost formed part of seven year Climate Action for a Resilient Asia programme.
Countries in the Indo-Pacific region, such as Indonesia, the Philippines, Vietnam Thailand and Myanmar, are particularly vulnerable to rising sea levels, more extreme typhoons and drought.
“Climate change does not respect borders,” UK minister for Asia, Amanda Milling said at the time. “Biodiversity will be protected, weather forecasting improved, cities designed to withstand floods and storms, and funds mobilised to the grassroots community groups that need them most.”