Dr. Hosnay Nasrin

An escalating, two-fold climate-Covid crisis has shocked the climate-vulnerable developing economies, weakened livelihoods and sustainable development progress, and stimulated unprecedented transnational financial turmoil with multiple penalties for the world's underprivileged and vulnerable communities. Simultaneously, weak delivery of international climate finance, unresolved carbon finance mechanisms under the Paris Agreement and ineffective financing instruments at addressing challenges specific to climate vulnerable economies hold back ambition are exposing the world economy to acute risks, fuelling uncertainty, undermining trust and the global recovery as well.Overcoming diverse climate challenges on the road to UNFCCC-COP26 is an imperative priority and beset initiatives that encourage action on managing macroeconomic risks, capital hurdles to climate action, bridging the financial protection gap, among other key climate finance challenges, also represent a significant opportunity to build back improved.

In this regard, on July 8, 2021, Bangladesh hosted the climate finance summit called by the almost 50 vulnerable developing countries that are part of the Climate Vulnerable Forum (CVF), which Bangladesh chairs. The CVF President, Honorable Prime Minister of Bangladesh Sheikh Hasina delivered opening remarks at the Climate Vulnerable Forum (CVF) summit. The summit was moderated by the former President of the Maldives, Mohamed Nasheed, the CVF Ambassador for Ambition. Heads of state and government of the CVF countries, UN secretary-general António Guterres, Chair of the Global Centre on Adaptation Ban Ki-Moon, finance ministers of the V20 countries, ministers and representatives from the G7 and G20 countries, heads of IFIs and MDBs and partners, among others, joined the summit as well.

This summit placed forward a resounding call for all nations to tackle the planetary emergency, facing by the vulnerable communities for a long time. The summit offered a collective call for all countries to fulfil their promises to keep the global temperature below 1.5 degrees Celsius and for the developed countries to fulfil their promise to provide USD 100 billion to climate-vulnerable countries to tackle climate change.

During the CVF summit held on July 8, 2021, the Honorable Prime Minister of Bangladesh Sheikh Hasina placed a five-point proposal, including the green recovery of climate-vulnerable countries with support from the developed nations, as climate change has brought them to a threshold. As per the opinion of the President of CVF, 48 countries under CVF-V20 account for only five per cent of the total global emission, but they are the worst victims of the man-made crisis; in addition, the ongoing COVID-19 pandemic has added new desolations claiming lives and affecting livelihoods of millions. The President of CVF opined that fund flow must be predictable, balanced, innovative and incremental. Development partners and international financial institutions must adopt a user-friendly fund allocation process and disbursement, and there should be synergies among various climate funds. In her proposal, the President of CVF mentioned that developed nations must help CVF-V20 countries by abolishing the existing financial gaps in protecting against climate-induced disasters.

Moreover, financial support is needed to introduce smart insurance premium subsidies and capitalization of insurance products for CVF countries. Through her remarks, the Honorable PM of Bangladesh requested every vulnerable country to actively consider adopting a 'Climate Prosperity Plan' like Bangladesh's 'Mujib Climate Prosperity Plan (MCPP)-Decade 2030', named in honor of marking the birth centenary of the country's Father of the Nation, Bangabandhu Sheikh Mujibur Rahman- a plan to transform Bangladesh into a global leader in tackling climate change by 2030. MCPP is aimed at a decade-long effort to ensure game-changing actions on climate adaptation and energy and capacity building for Bangladesh to transform its socio-economic & environmental development trail going advancing.

According to the Climate Risk Index 2020, Bangladesh is ranked 7th amongst the worst victims of climate change. Moreover, the Covid-19 pandemic, prolonged floods and the Super Cyclone Amphan in 2020, took a heavy toll on the lives and livelihoods of millions in the country. Bangladesh is a global leader in disaster management, locally-led adaptation and mitigation measures. The country also hosts the South Asia Regional Office of Global Center on Adaptation. Every year Bangladesh spends around $5 billion (2.5% of its national GDP) on climate change adaptation and resilience building. To fight against the Covid 19 pandemic, Bangladesh has already launched 23 recovery packages worth over $15 billion, approximately 4.2% of its national GDP.Although being 7th amongst the worst victims of climate change, Bangladesh isone of the founding donors of the new CVF and V20 Joint Multi-Donor Fund under the United Nations. Bangladesh is preparing the National Adaptation Plan and about to finalize the Nationally Determined Contribution-NDC. Further, the country has developed Delta Plan 2100 to achieve a safe, climate-resilient and prosperous Bangladesh. The National Parliament of the nation has declared a 'Planetary Emergency' and urged everyone to work on a war footing to tackle climate change. The country expects similar actions from the rest of the global leaders.

The message from the climate-vulnerable countries to the international community, including the developed nations, is to do what is needed in the spirit of global solidarity to tackle the deleterious impacts of climate change. The climate-vulnerable developing countries are aiming to lead the world on this alleyway to climate prosperity. The CVF initiated a new climate prosperity program to move from climate vulnerability to climate resilience and turn climate resilience into climate prosperity. Hence, the President of CVF has urged for a COP26-CVF joint program along with the Dhaka-Glasgow declaration as well.

Therefore, the world community urgently should recognize the helplessness of the people of climate-vulnerable nations, their shared aspirations, necessity of technology transfer, and additional funding to tackle the impacts of climate change &the Covid-19 pandemic. At this critical juncture of human history, we must forge unity and extend cooperation to face the ongoing and future crises. Global leaders, development partners, international financial institutions and multilateral development banks need to find innovative financing solutions for climate prosperity. To build an intense climate resilience world, we must be sensible in our actions.

The Writer is an

Assistant Professor, of  

Bangabandhu Sheikh Mujibur Rahman Aviation and Aerospace University.

E-mail: hn_nahin@yahoo.com