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'Lives hang in the balance': Rich countries must fill woefully inadequate climate funds at Pre-COP

Make Big Polluters Pay Alliance

For Immediate Release
5 October 2026

‘Lives hang in the balance’: Rich countries must fill woefully inadequate climate funds at Pre-COP 

As Pre-COP commences in Fiji, Australia, as President of Negotiations, must treat the huge shortfall in global UN Climate Funds as the life-or-death issue it is and rally wealthy countries to make big polluters pay to fill the funds, the Make Big Polluters Pay Alliance says.

Climate-vulnerable countries are already facing billions of dollars in damage from a crisis they did little to cause, while the international climate funds established under the UNFCCC to help them adapt and recover remain critically underfunded.  

For instance, Pacific countries have faced annual costs from climate disasters of AUD $1.3 billion, or 14.3% of their GDP, each year on average for the past decade. The recovery costs from the glacier flooding disaster in Nepal are in the order of USD $5 billion, or 10% of Nepal's GDP.

At the same time, coal, oil and gas corporations driving climate change continue to reap enormous profits, while paying minimal tax. In Australia fossil fuel corporations reported $436 billion income in 2023-24 while contributing just 5% in corporate income tax. 

The Alliance is calling for Australia to use Pre-COP to champion new climate finance commitments and Climate Pollution Levies on major polluters to help fund climate action at home and internationally.

Julie-Anne Richards, Campaign Strategic Lead, Make Big Polluters Pay Alliance (speaking from Nadi), said: “Leading negotiations at the world’s biggest climate conference is a once-in-a-generation opportunity for Australia to show real leadership, by rallying countries to fill global climate funds and hold big polluting corporations to account for their climate damages. The world is watching to see whether Australia will rise to the challenge or continue squandering its climate credibility by approving new coal and gas projects at home and giving big polluters a free ride. At Pre-COP, Australia must announce a strong climate finance pledge and a Climate Pollution Levy on coal and gas corporations to fund disaster recovery and adaptation at home and abroad.”

Harjeet Singh, Global Convenor, Fill the Fund campaign, said: “It is a stain on the world’s conscience that coal, oil and gas corporations make billions in profits while funds established to protect vulnerable communities are left desperately short, and the death toll of climate disasters mounts. From Nepal and Tibet to Tuvalu, communities on the climate frontlines are paying with their homes, livelihoods and futures. For every day of delay in cutting emissions and helping communities prepare, lives hang in the balance. There is no more time for empty promises. Australia and other wealthy nations must show courage by making big polluters pay to fill the funds.”

Josie Lee, Policy and Advocacy Lead, Oxfam Australia (speaking from Nadi), said: “Securing new commitments to provide climate finance to low-income countries will be a critical test of Australia’s leadership as President of Negotiations at COP31. Australia must guide and inspire wealthy nations, who are also high historical polluters, to provide their fair share of funding to low-income countries bearing a disproportionate burden of climate change impacts. 

“We are calling on the Australian government to lead by example, by coming to COP31 with a commitment to provide $11 billion in climate finance over 2025–2030, including new and dedicated funding for countries to prepare for, adapt to and recover from the devastating climate change impacts we are already seeing. 

“One in three coal, oil and gas corporations pay no company tax, while making billions. Australia must end the free ride for these polluting corporations by introducing a Climate Pollution Levy, which will help fund climate action at home and in our region.”

Eunice Wotene, Executive Director, Oxfam in the Pacific, (speaking from Nadi), said: “Pacific communities have the knowledge, leadership and solutions to build resilience, but we need the resources to put them into action. We should not have to choose between adapting to a crisis we did not cause and meeting the everyday needs of our people. This is not charity; it is climate justice. Wealthy nations like Australia must make the biggest polluters pay and get that finance to the people on the frontlines. From Pre-COP to COP31, Pacific communities will continue making our voices heard. We need wealthy countries to listen, act and deliver.”

Sophie Hardefeldt, Deputy Head of Policy and Campaigns, ActionAid Australia (speaking from Nadi), said: “The costs of the climate crisis are skyrocketing, and its local communities who are being left to foot the bill. As one of the world’s biggest exporters of fossil fuels, it’s time for the Australian Government to put its COP31 leadership role into action by committing $11 billion in international climate finance over the next five years. If Australia makes the biggest polluters pay for their climate damage, we can afford to fund climate action at home and for women and communities on the climate frontlines across our region.”

For interviews, contact Vai Shah - +61 452 290 082 or [email protected] 

Notes to editor: 

• There are several Make Big Polluters Pay Alliance spokespeople at Pre-COP in Nadi, who are available for comment throughout the week. 

• Detailed factsheets on the Pacific Resilience facility, the Fund for Responding to Loss and Damage, and the Adaptation Fund are available here.

• A summary of funding availability in international climate adaptation and resilience funds is below: