Special Desk

As COP29 discussions intensify, Friday may witness setting the new target for global climate finance.

Ziaul Haque, a member of Bangladesh's delegation and Director (Air Management) at the Department of Environment, told UNB, “Final discussions will take place today and tomorrow. However, we believe the conference may be extended by another day. The main goal of COP29 is to set a target for global climate finance. We hope an announcement will be made.”

He further elaborated, “In 2015, the target was for all developed countries to collectively raise $100 billion annually by 2020. This means that from 2020 to 2025, $600 billion should have been raised. However, we have not yet received those funds. We are hopeful that a decision will be reached on this matter.”

Ziaul noted that discussions are ongoing about the amount of funding developed nations will allocate after 2025. “A new global target for climate finance must be established. Intense debate is ongoing, with figures ranging from $300 billion to $1 trillion being discussed. We think it could be around $500-600 billion, but there is no consensus yet. Nonetheless, we are optimistic that an announcement will be made regarding a specific figure for the funding.”

He also stressed the importance of fund quality: “We want to understand the quality of the funds that will be announced. Will most of it be loans, or will there be fewer loans? We want a significant portion to be grants. If loans are included, they should be concessional loans, not commercial ones.”

Mitigation and Adaptation in Focus

Prominent climate expert, Emeritus Professor Dr Ainun Nishat, highlighted two key areas of focus: mitigation and adaptation. Speaking to UNB, he said, “At the COP29 conference, we are emphasizing two key points. First, mitigation must be prioritized to prevent temperature rise from exceeding 1.5°C by 2030 and 2°C by 2050.”

“Second, adaptation plans are crucial. Our country has experienced six floods, increasing cyclones, and worsening droughts. We are among the most affected as victims of such damage,” he added.

On climate finance, he remarked, “A new global target for the climate finance must be set. Decisions may be made on whether wealthy nations will increase funding for developing countries, particularly for the ‘Loss and Damage Fund.’”

Bangladesh’s Financial Shortfall

Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forests, and Climate Change, underlined Bangladesh’s financial needs. “Bangladesh requires $8.5 billion annually for adaptation, but only $3 billion is allocated from domestic sources, leaving a significant shortfall of $5.5 billion, which must be met through external grants,” she said.

“To keep global warming limited to 1.5°C, the carbon emission gap must be closed within this decade. To achieve this, global greenhouse gas emissions must be reduced by 43% by 2030 compared to 2019 levels and by 60% by 2035. By 2050, emissions must be brought down to net zero,” she added.

She stressed the importance of financial and technical support for LDCs, saying, “The Mitigation Work Programme must ensure financial resources and investments to implement the conditional NDC targets of LDCs. Global dialogues should play a supportive role in overcoming barriers to climate finance and ensuring necessary financial flows. If carbon emissions continue to rise, adaptation measures will become ineffective and unaffordable.”

Rizwana also mentioned that the government is reviewing energy policies to transition from fossil fuels to renewables. “Import tariffs are being reconsidered, and foreign investments in solar energy projects in Bangladesh are being encouraged. Air pollution from power plants is a significant environmental issue, making this the right time to invest in renewables,” she noted.

She added, “Installing rooftop solar panels could meet up to 40% of the country’s renewable energy demand. Additionally, tea estates and unused government lands could be utilized for renewable energy projects. Bangladesh is also planning to establish a regional power transmission system, enabling easy integration of solar and wind energy along with importing hydropower from Nepal and Bhutan.”

Key COP29 Discussions

Several pivotal decisions are expected:

Climate Finance:

Wealthy nations may decide whether to increase climate funds for developing countries, including operationalizing the “Loss and Damage Fund.” Discussions revolve around exceeding the promised $100 billion.

Fossil Fuel Restrictions:

A timeline for reducing fossil fuel use and policies to promote renewable energy may be introduced. Some nations advocate for a complete ban, but oil-producing countries remain resistant.

Greenhouse Gas Emission Targets:

Plans to achieve net-zero carbon emissions and reduce emissions across industries, transport, and agriculture are under consideration.

Limiting Global Warming:

Stricter policies may emerge to limit temperature rise to 1.5°C.

Renewable Energy Opportunities:

Despite Azerbaijan’s renewable energy potential, its focus on oil and gas revenue poses challenges to transitioning away from a fossil fuel-based economy.

Funding Disputes:

Developing countries are pressing for adequate funds from wealthy nations to combat climate impacts. However, wealthy nations argue that countries like China and other oil-rich developing nations should also contribute, intensifying global divides over climate finance.

As COP29 deliberations continue, the world awaits resolutions on these critical issues, hoping for meaningful action to address the climate crisis.