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Friday, 12 April 2024
Bangladesh urges developed countries to fulfil commitment of USD100 bn climate finance

Bangladesh urges developed countries to fulfil commitment of USD100 bn climate finance

Staff Correspondent

Bangladesh on Sunday strongly urged the developed countries to fulfil their commitment of USD 100 billion in climate finance.

"Green climate fund (GCF), Least developed countries fund (LDCF), adaptation fund (AF) and GEF Trust fund should be strengthened with adequate resources and access of those funds should be quick and easy," Environment Minister Md Shahab Uddin said in Bangladesh delegation press briefing at COP28 in Dubai, UAE.

Bangladesh feels disappointed with the progress on agenda items on climate finance, he said adding, "The commitment of developed countries to provide US$ 100 billion per year has not been met yet, and we have strong reservations on the methodology of calculation of climate financing."

"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 the New Collective Quantified Goal (NCQG) of climate finance."

The environment minister said Bangladesh is in favour of a balanced 50:50 allocation between adaptation and mitigation and grant-based financing for adaptation in line with the Paris Agreement decision.

"We would put importance to new and additional public financing. Bangladesh firmly emphasizes the doubling adaptation fund and support for NAP implementation, which is the priority of 49 countries that have already prepared and submitted their NAPs. We are looking forward to adopting a decision on Global Goal on Adaptation emphasizing on time bound implementable targets for achieving climate resilience," said the minister.

The ambition of emission reduction pledges for 2030 needs to be seven times higher to keep the 1.5 degree goal of the Paris Agreement, he said.

Shahab Uddin expressed gratitude to the COP 28 Presidency and some concerned countries for the historic decision on the Loss and Damage Fund of more than USD 700 million, adopted on the opening day of the conference.

He stressed the need for concrete political commitments by the major emitters to address the emission gap. "Developed countries must lead the way with developing countries following suit in line with their respective abilities."

Deputy Minister for Environment, Forest and Climate Change Habibun Nahar, Special Envoy to Prime Minister for Environment and Climate Change and Chairman of Parliamentary Standing Committee on Ministry of Environment, Forest and Climate Change Saber Hossain Chowdhury, Secretary of the Ministry Dr Farhina Ahmed, Additional Secretary (Climate Change) Sanjay Kumar Bhowmik and Ambassador of Bangladesh to Abu Dhabi Md Abu Zafar were also present among others.

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