Bangladesh wants to see balanced outcome at COP29, rightful decision on NCQG

Bangladesh sincerely wishes to see Baku COP a great success with a just and balanced outcome, particularly by delivering a concrete and rightful decision on New Collective Quantified Goal (NCQG), Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan has said.

If emissions are not rapidly reduced and adaptation adequately funded this will expose the most vulnerable countries – like Bangladesh – to unmanageable levels of risk, she said at a press conference of Bangladesh delegation at the press conference room at Karabakh, Baku in Azerbaijan on Wednesday (20 November).

"As one of the most vulnerable countries due to climate change Bangladesh has been demonstrating an unwavering commitment to climate action since adoption of the UN Climate Change Convention and has played active role during COP29 negotiations," she said.

Narrating the situation in Bangladesh she said at least 300 villages and 1.5 million people remain inundated in a coastal district in Bangladesh. "This year alone, we experienced two devastating floods of unprecedented scale that impacted 1.7% of our total budget. Moreover, over 26 million people are exposed to very high salinity and water scarcity in the southwestern coastal regions in Bangladesh and are exposed to sea level risk."

Expressing frustration she said the global North, oil producing and other big emitting countries still lack the feeling of urgency and true commitment in implementing the Paris Agreement.

Existing plans and policies to mitigate climate change remain far from what is needed to limit global temperature increase to 1.5°C, she said. "We are in a critical decade which determines our course whether to keep us well below 1.5°C or put us in a dangerous world towards 2.1–2.8°C pathway, even if we implement all the current Nationally Determined Contribution targets."

According to the Adaptation Fund Gap Report of 2023, Bangladesh alone needs approximately $8.5 billion per year to adapt to the devastating impacts of climate change. Yet, only around $3 billion is currently being allocated through domestic sources. This leaves a massive shortfall of $5.5 billion, a gap that must be filled through external grant-based finances.

On a global scale, the total adaptation finance gap is $366 billion per year as determined by needs assessment. "This figure is deeply concerning and cannot be ignored. If we are to meet our adaptation needs, we must close the gap now, before the cost of inaction becomes unbearable," said Rizwana.

Bangladesh expressed concern that there is slow progress on climate finance agenda items particularly on loss and damage fund and New Collective Quantified Goal (NCQG) outcome.

Under the NCQG negotiation, Bangladesh is emphasizing on adequate and quality financing of $1.3 trillion for adaptation, mitigation and loss and damage, she said.

Bangladesh also proposed grant-based financing for adaptation and loss and damage, as well as highly concessional financing for mitigation.

"Public source of financing should be the primary source for NCQG, while private sector might have a supportive role. At least 20% of that finance should flow through UNFCCC and Paris agreements funding windows. (Green Climate Fund, Adaptation Fund, LDC Fund and Global Environment Facility trust fund)," said the adviser.

Standing Committee on Finance should develop a climate finance definition to ensure transparency and accountability of Climate Finance, she said.

"Unfortunately, we could not reach agreement on the review of the Warsaw International Mechanism (WIM) for Loss and Damage. While work continues at the Board level to determine how the new Fund for responding to Loss and Damage will operate, we call for further pledges and its' true operationalization," she said.

On Global Goal on Adaptation, Parties failed to resolve differences and Subsidiary Bodies forwarded the draft text to the CMA, who considered the draft text as work in progress, she said. "We hope Parties will engage during next SBs before adopting a decision at CMA7 next year."

It is disappointing to see the slow progress on the Mitigation Work Programme- the only agenda on mitigation. The issue of linking the 1st GST outcome to mitigation work programme has been the main stumbling block.

"As for Bangladesh, we can transition to a renewable pathway with higher ambition and fulfil the conditional commitment of the NDC only if required finance and technical supports are provided," Rizwana said.