Developed countries must mobilise, disburse $100b per year to address climate change: Minister

Developed countries must address the gap in mobilising and disbursing $100 billion per year with the balance of 50:50 between mitigation and adaptation, said Environment, Forest and Climate Change Minister Md Shahab Uddin.

"Tracking and realisation of doubling of adaptation finance are critical elements of meeting adaptation needs of the vulnerable countries," the minister remarked at the LDC Ministerial Meeting held in Dakar, Senegal Wednesday (14 September).

Minister of Senegal, along with the ministers and delegates of LDC countries were present in the meeting.

The environment minister further said that many LDCs have prepared and are in the process of preparing their NAPs.

Now funding for the implementation of NAP is urgently needed, he urged.

The environment minister said, "We have to urgently address our growing adaptation needs at local and national level.

"At the same time, we cannot forget the urgency of reducing ever-increasing global emissions, the root cause of global climate change.

"The scale of loss and damage is already significant at just over 1°C of warming and will continue to grow if climate change is not halted. Now it is the time to design and build the funding arrangements that are absolutely needed to address loss and damage," he added.

The minister further stressed on the urgency in scaling up mitigation ambition and implementation without which we will never achieve the 1.5°C temperature goal.

"To this end, global emissions must be reduced by 45% by 2030 relative to 2010 levels.

"However, developed countries must take the lead in global mitigation efforts, and countries with greater capabilities particularly G-20 countries should also play significant role," Shahab Uddin noted.