COP27: Bangladesh seeks double adaptation finance to combat climate change

Shining BD Desk || Shining BD

Published: 11/15/2022 6:13:37 AM

Bangladesh has urged developed countries to double their collective provision of adaptation finance by 2025 for the implementation of its National Adaptation Plan to fight climate change. 

Minister of Environment, Forest and Climate Change Md Shahab Uddin forwarded the country’s demand through a press conference attending COP27 in Egypt on Monday.

Foreign Minister Dr AK Abdul Momen, Saber Hossain Chowdhury, MP, among others, were present.

Foreign and local journalists attended the press conference.

“As you are aware, Bangladesh is the 7th most vulnerable countries to the adverse impacts of climate change. Government of Bangladesh, under the leadership of the Hon’ble Prime Minister Sheikh Hasina, is trying its best to make the country climate resilient. On 31st October 2022, Bangladesh submitted the National Adaptation Plan. A total of 113 actions have been identified for 8 vulnerable sectors in the NAP, which will require US$ 230 billion for the next 27 years from 2023-2050,” he said.

About the country’s efficiency in climate adaptation, he said “Let me also mention, as a recognition of our wider adaptation experience, Global Commission on Adaptation (GCA) has awarded Bangladesh on Locally Led Adaptation (LLA) along with 3 other countries.”

Quoting latest scientific reports of IPCC and other UN Bodies, he said if emissions are not rapidly reduced in this decade, this would raise the risk of dangerous and irreversible impacts on natural and human systems, exposing the most vulnerable countries – particularly the LDCs – to unmanageable levels of risk.

He rebuffed global community lacking the feeling of urgency and true commitment to implementing the Paris Agreement.

“Despite being one of the least emitters in the world, Bangladesh has been putting sincere efforts to participate in global mitigation efforts focusing on renewable energy, energy efficiency and conservation. In our NDC update, submitted in August last year, we have put forward enhanced emission reduction targets which is three times higher than our 2015 INDC commitments.”

He expressed country’s disappointment with the poor progress on agenda items on climate finance and non-implementation of commitment of developed countries to provide US$ 100 billion per year.

“We urge the standing committee on finance (SCF) to fix a common definition of climate finance on an urgent basis. It is also important for the discussion of New Collective Quantified Goal (NCQG) of climate finance.”

“More than 70% of the generated fund is provided as loan and significant portion of that is provided in prevailing market rate. In the name of climate finance, if the current trend of flow of finance continues, it may create new debt burden for the vulnerable developing countries, particularly the LDCs. We are strongly in favor of a balanced allocation between adaptation and mitigation and grant-based financing for adaptation in line with Paris Agreement decision.”

He underscored need of putting the following key issues in the (cover) decisions of COP27 and CMA4:

# Addressing the gap that exists between NDCs and emission reductions required by the science to keep 1.5℃ target alive, including finalizing the mitigation work program as necessary to reduce global carbon emission by 45% by 2030.

# Ensuring the mobilization and providing each year US$ 100 billion from this year to 2025, finalizing the definition of climate finance and achieving substantial progress on New Collective Quantified Goal (NCQG) on climate finance for post-2025.

# Establishment of a financing mechanism for averting, minimizing and addressing loss and damage.


By Daily Sun 

Shining BD