COP27: Bangladesh to reiterate call to materialize $100bn pledged for developing countries

Global leaders are preparing for the COP27 next month — to take action towards achieving collective climate goals set under Paris Agreement and the Convention.

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, or "COP27," will build on the outcomes of COP26 to deliver action on an array of issues critical to tackling the climate emergency.

These are: urgently reducing greenhouse gas emissions, building resilience and adapting to the inevitable impacts of climate change, and delivering on the commitments to finance climate action in developing countries.

Bangladesh will reiterate its call to materialise the pledge of providing $100 billion funds per year to developing countries at the earliest, officials said.

Bangladesh will also highlight the importance of "enhanced funds" for climate change mitigation and adaptation at the conference that will take place from 6 to 18 November in Sharm el-Sheikh, Egypt.

Nations are expected to demonstrate at COP27 that they are in a new era of implementation by turning their commitments under the Paris Agreement into action.

Heads of states and governments will attend the Sharm el-Sheikh Climate Implementation Summit on 7 and 8 November while a high-level segment primarily attended by ministers will take place from 15-18 November.

The Vulnerable 20 (V20) and Group of 7 (G7) will jointly launch the Global Shield Against Climate Risks at COP27 in a wider effort to accelerate pre-arranged financing at speed and scale.

The V20 membership stands at 58 economies representing some 1.5 billion people including Bangladesh.

The Vulnerable 20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have already announced they have reached an agreement on financial protection cooperation that responds to loss and damage as a contribution to the Paris Climate Treaty.

Foreign Minister AK Abdul Momen has called for the implementation of climate financing pledges commensurate with the principles of loss and damage ahead of the climate conference going to take place in Sharm El Sheikh next month.

State Minister for Planning Dr Shamsul Alam has said Bangladesh firmly believes that climate change is a security issue and it must be discussed at regular intervals at the United Nations Security Council (UNSC).

Bangladesh has been a significant player in global climate diplomacy and during the presidency of CVF, Bangladesh emerged as a bold voice in the climate change negotiations under the leadership of Prime Minister Sheikh Hasina.

Bangladesh has launched the "Mujib Climate Prosperity Plan" with the aim to put her on a journey from climate vulnerability to resilience to climate prosperity. The government sees it as one of the landmark policy guidelines for climate-vulnerable countries.

As government representatives begin to finalize the agenda for the COP27 climate change conference in Egypt next month, the UN chief told journalists in New York that the work ahead is "as immense as the climate impacts we are seeing around the world".

"At COP27, I will launch an action plan to provide early warning systems for all within five years," said UN Secretary General Antonio Guterres. He urged the governments, international financial institutions and civil society to support it.

"We came out of Paris, COP21, with a historic agreement which set out a framework of what needs to be done, and then in Glasgow last year, an agreement on how to do it," said Simon Stiell, the sixth Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) or UN Climate Change.

The year 2022 marks seven years since the adoption of the Paris Agreement on Climate Change - a landmark international treaty to tackle the climate crisis.

The agreement calls for limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C.

To get there, the world needs to halve its carbon emissions by 2030.