Climate minister Chris Bowen says Pacific nations should be among the primary beneficiaries of a climate “loss and damage” fund.

Ahead of the Cop28 meetings, Bowen says that a diverse group of countries, including the private sector, should contribute to the “loss and damage” fund. 

The fund was established after Cop27 in 2022 to aid vulnerable nations in rebuilding after extreme weather events intensified by greenhouse gas emissions.

Bowen expressed Australia's support for the funding concept, highlighting the government's constructive contributions to its design. 

He called for a broad donor base, incorporating private and innovative financing sources, signalling the importance of increased contributions from nations beyond the historical responsibility of industrialised nations.

The minister urged a reevaluation of financial contributions, challenging the notion that contributions should be determined solely by historical wealth or emissions. 

He noted that the world has changed since the principle of “common but differentiated responsibilities” was established in 1992, calling for a broader discussion on climate finance.

In addition to discussions on loss and damage funding, Bowen outlined Australia's stance for this year's Cop, emphasising the need for a global stocktake of progress. 

He says he anticipates a substantial and contested discussion, supporting stronger mitigation language. 

Bowen cited the International Energy Agency's findings on the decline in global demand for coal, oil, and natural gas, and noted Australia's commitment to tripling global renewables capacity and doubling energy efficiency efforts.

Mr Bowen made the remarks in an address to the Lowy Institute.