Bangladesh sees hope in new climate funds

Leading up to the World Climate Conference, discussions arose about the role of the host country, the United Arab Emirates, with the president of the COP-28 conference, Sultan Al Jaber, attracting international media attention for seemingly promoting the oil business during the conference.  

Despite initial concerns, the conference is concluding with two significant achievements. The creation of the 'Loss and Damage Fund,' dedicated to addressing climate change damage, saw pledges totaling 700 million dollars.  

Additionally, on Monday, the world climate change impact assessment, known as the Global Stocktake (GST) report, was officially accepted. 

The final session of the COP-28 climate conference is scheduled for today, Tuesday. During this session, there may be announcements regarding the establishment of a framework detailing how countries will receive the new funds. Formal declarations on the required reduction of carbon emissions by each country to combat climate change may also be presented. 

The two recent announcements hold significant importance for Bangladesh. Previously, low and middle-income countries like Bangladesh faced challenges in accessing funds from the Green Climate Fund (GCF) established by the United Nations. The introduction of the climate damage fund is seen as a positive development, and experts believe that countries like Bangladesh will benefit from this fund. 

Ziaul Haque, the Director of the Environment Department and a member of the Bangladesh delegation, stated, "We have raised the demand for a new allocation from the climate damage fund. I have emphasised the need to ensure that Bangladesh receives quick and easy allocation through projects." 

Bangladesh has officially communicated its position at the COP-28 conference. The country emphasises that industrially developed nations should refrain from diverting funds from other sectors to the climate damage fund. Bangladesh's stance is a warning to prevent a reduction in allocations to the Green Climate Fund (GCF) and the Adaptation Fund, urging these funds not to be compromised for new initiatives. Simultaneously, in line with the Paris Agreement, industrially developed countries are urged to curtail carbon emissions to prevent global temperatures from rising more than 1.5 degrees Celsius in this century. 

The Global Stocktake (GST) announced during the conference has highlighted several crucial issues. According to the GST, without a reduction in carbon emissions, the world's temperature is projected to increase by 1.5 degrees Celsius by 2025. To avert this scenario, the use of renewable energy must triple by 2035, and the carbon emission reduction capacity of existing energy sources should more than double. 

Farah Kabir, the Bangladesh country director of ActionAid, a non-governmental organisation participating in the conference, told Prothom Alo that the conference's most significant achievement was the finalisation of the climate damage fund. This is crucial for Bangladesh, given the increasing frequency of natural disasters such as cyclones, floods, and heatwaves due to climate change. Urgent assistance is required for those affected by these disasters, and it is important for Bangladesh to swiftly access funds from this newly established fund to aid affected populations. 

The conference saw the participation of approximately 70,000 representatives from around 200 countries worldwide. Bangladesh's government delegation was represented by environment, forest, and climate change minister Shahab Uddin and deputy minister Habibun Nahar, who attended the 37 conferences on behalf of the government. Additionally, 40 members from non-governmental organisations are also participating in the conference. 

*This report, originally appeared in the Prothom Alo print edition in Bangla, has been rewritten in English by Farjana Liakat