Bangladesh makes 5 recommendations on climate finance at Paris Summit

Policymakers from all over the world gathered to negotiate a new global financial pact this week, 22-23 June, in Paris at an international conference, where a group of climate experts came up with 5 recommendations from Bangladesh, one of the most climate-impacted nations in the world, said a press release.

The group includes special envoy to the prime minister for climate change Saber Hossain Chowdhury, professor and director of International Centre for Climate Change and Development Saleemul Huq and head of Climate Bridge Fund secretariat Md Golam Rabbani.

The Summit, hosted by France, was held at the Palais Brongniart and the head offices of UNESCO and the Organisation for Economic Co-operation and Development (OECD), in Paris on 22-23 June.

Heads of states and governments, representatives of national and international NGOs and financial institutions, and representatives of the private sector and civil society took part in the summit.

The five recommendations for a new climate finance pact that works for the people who need it the most are as follows;

The world is tired of empty promises – actions must now match words. Paris has held important symbolism for the potential of multilateral cooperation since the success of the Paris Agreement in 2015, yet promises from global leaders continue to fall short. This summit risks losing its currency and further degrading trust unless we see swift action in line with declared commitments.

National leaders must prioritise the long-term interests of their countries rather than short-term election cycles. The mark of real leadership is taking tough decisions that are in the long-term interest of the country and the planet, rather than narrow, short-term interests. ‘Short-termism’ is hindering the meaningful system reforms necessary for the future of humankind.

National budgets must reflect that the crises of today and tomorrow are no longer siloed within any one ministry, sector or industry. Bangladesh, for example, has become a fertile ground for climate action as a result of an environment that includes political ownership, enabling policies, committed academia, vibrant civil society, innovative industry and a dynamic youth movement. Key to this is leaders who incentivise and create space for strategic alliances and coordinated action.

Look to lower-income countries for approaches that already work to get resources to people whose lives are being impacted the most by the climate crisis. For countries like Bangladesh, climate change is an old problem with established solutions. Look at the Climate Bridge Fund in Bangladesh as an example, where currently funding from a bilateral entity (KfW, German Development Bank) and BRAC is channelled to NGOs of Bangladesh. The fund is self-sustaining – it generates revenue by investing in government treasury bonds. It disburses money to people working directly on the frontlines of climate change adaptation and loss and damage, enabling locally-led adaptation at scale.

Women and youth must be put in the driving seat. Just as women have been the managers of scarcity, bearing the disproportionate burden of poverty and crises across the world, so too are they the ministers of energy, resourcefulness and resilience in every household. In addition, no one sees what is at stake more clearly than the youth of today, who have the most at stake. A new global financing pact must unlock the dynamism and potential of women and youth everywhere.

Most leaders now acknowledge the urgency of climate action, but calculations don’t often consider the cost of inaction – the opportunity cost of doing nothing or too little.

In negotiating a new climate financing pact countries need a realisation of the existential threat that they are facing and how much it will cost to tackle that, as well as an understanding of what is already working and needs to be invested in on the frontlines of the climate crisis.