Bangladesh pushes for balanced climate finance at COP28

Bangladesh is strongly 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, Environment, Forest and Climate Change Minister Md Shahab Uddin said in Dubai today.

The country is also pushing for new and additional public financing for the mitigation and adaptation to the adverse effect of climate change, he said.

Shahab Uddin, who is leading a Bangladesh delegation at COP28 conference in Dubai, at a press briefing said Bangladesh firmly emphasises the doubling adaptation fund and support for National Adaptation Plan (NAP) implementation, which is the priority of 49 countries that have already prepared and submitted their NAPs.

However, Bangladesh delegation members said they are disappointed over the discussion on finance and its progress. They also see the gap of trust in between developed and developing countries as the pledges of developed countries remain unfulfilled.

The minister said that the quantity and quality of adaptation finance is far from Bangladesh's expectation.

Prime Minister's Special Envoy on Environment and Climate Change Saber Hossain Chowdhury, State Minister for Environment, Forest and Climate Change Habibun Nahar and secretary of the ministry Farhina Ahmed were among the delegate members.

Shahab Uddin said Bangladesh strongly urged developed countries to fulfil their commitment of $100 billion. Green Climate Fund, Least Developed Countries Fund, Adaptation Fund and GEF Trust Fund should be strengthened with adequate resources and access to the funds should be quick and easy, he said.

Today was the 10th day of ongoing negotiations among the parties in Dubai.

The minister said that the global community still lacks the feeling of urgency and true commitment to implementing the Paris Agreement. The ambition of emission reduction pledges for 2030 need to be seven times higher to keep the 1.5-degree goal of the Paris Agreement, he said.

He also explained that Bangladesh, with limited resources, has been putting sincere efforts to participate in global mitigation efforts focusing on renewable energy and energy efficiency.

"In our updated NDC, submitted in 2021, we have put forward enhanced emission reduction targets which are three times higher than our 2015 INDC commitments.

"We urge the standing committee on finance to fix a common definition of climate finance on an urgent basis. It is also important for the discussion of New Collective Quantified Goal (NCQG) of climate finance."

Bangladesh lauds decision on Loss and Damage Fund

The minister said, "We express our gratitude to the COP28 presidency for the historic decision on the Loss and Damage Fund, adopted on the opening day of the conference. We appreciate the generous contributions from the host country UAE and Germany, the UK, Italy, France, the European Union, the USA, and Japan, amounting to more than $700 million."

Bangladesh also won "GCA Local Adaptation Champions Award" in the category "Innovation in Devolving Finance", highlighting the country's commitment to fostering resilience and innovation at the local level.