BD raises voice to create $100 b climate fund

Staff Correspondent: In addition to combating climate change, Bangladesh has called on developed countries to create a pledged fund of $100 billion for the affected countries. It is also proposed to strengthen the Green Climate Fund (GCF), Least Developed Countries Fund (LDCF), Adaptation Fund (AF) and GEF Trust Fund with adequate resources and make access to those funds faster and easier. This statement was presented by the Bangladesh delegation at the United Nations Climate Conference (COP28) held in Dubai.
Bangladesh feels that if these are not implemented, the United Nations climate conference held in Dubai will fail to meet the desired expectations. Later, the Bangladesh delegation held a press conference at the Bangladesh Pavilion on the sidelines of the Climate Conference.
Minister of Environment, Forest and Climate Change Shahab Uddin at the press conference said, ‘To meet the 1.5 degree target of the Paris Agreement, the ambition of emission reduction commitments for 2030 needs to be seven times higher. Bangladesh has strongly urged the developed countries to fulfill their pledge of $100 billion.
He further said, ‘Bangladesh is firmly in favor of a balanced 50:50 allocation between adaptation and mitigation and grant-based financing in line with the decisions of the Paris Agreement. We will focus on new and additional government funding. Bangladesh strongly insists on doubling adaptation funding and support for the implementation of the NAP, which is a priority for the 49 countries that have already prepared and submitted their NAPs. We look forward to the adoption of global goals on adaptation with an emphasis on time-bound achievable targets for achieving climate resilience. These issues have been highlighted in the conference.
The environment minister said, “Prime Minister Sheikh Hasina’s visionary leadership has demonstrated unwavering commitment to climate action, exemplified by receiving the ‘Climate Mobility Champion Leader Award’ and the ‘GCA Local Adaptation Champions Award’.”
The environment minister expressed disappointment, saying, “The progress of both the mitigation action programmes, the mitigation under the Global Stock Take (GST) and the Just Transition Work Programme, are significantly inadequate.” He urged the Standing Committee on Finance (SCF) to urgently fix a common definition of climate finance.
Environment, Forest and Climate Change Deputy Minister Habibun Nahar, Prime Minister’s Special Envoy for Environment and Climate Change Saber Hossain Chowdhury, Ministry Secretary Dr. Farhina Ahmed, Additional Secretary (Climate Change) Sanjay Kumar Bhowmik and Ambassador of Bangladesh in Abu Dhabi Abu Jafar was present.
Meanwhile, Sheikh Mohammed bin Rashid Al Maktoum held his cabinet meeting amid the climate conference. In addition to the $50 billion already invested in green energy to prevent climate change, he announced another $50 billion investment in the next decade. In that cabinet meeting, 10 new projects were approved, which will play a role in preventing global warming. This includes the general framework of the Biodiversity Strategy 2031 – which aims to monitor, protect and sustain natural systems. A global initiative to decarbonize the waste sector has also been undertaken with the launch of a national registry for carbon credits, in addition to recognizing public and private contributions to reducing carbon emissions.
COP28 has so far pledged $746 million in loss and damage. The financial cost of loss and damage caused by climate change is about $400 billion per year. The United States pledged a new $3 billion to the Green Climate Fund, but the necessary commitments in this sector have not been forthcoming.
Saber Hossain Chowdhury, Prime Minister’s Special Envoy on Climate Affairs, said that developing countries including Bangladesh expect financial assistance from the Loss and Damage Fund to overcome climate damage. However, in this case too, he thinks that there are many more time and strategy matters to be determined.
Meanwhile, a side event on ‘Plastic Pollution in Land and Oceans’ organized by the South Asian Cooperative Environment Program at the Sri Lanka Pavilion highlighted the importance of reducing plastic use. SAKEP Director General Rokeya Khatun delivered the welcome speech. The panel is moderated by Simonetta Siligato. Bhutan’s Rinchen Penjor, Nepal’s Dr. were present as panelists. Deepak Kumar Kharal, Palinda Perera and Mrs. Anjali Devaraja.