Environment, Forests and Climate Change Adviser Syeda Rizwana Hasan underscored the importance of adequate and quality climate financing under the New Collective Quantified Goal (NCQG).
Speaking at the Bangladesh Press Conference at COP29 in Baku, Azerbaijan, she stressed the need for a USD 1.3 trillion commitment for adaptation, mitigation, and loss and damage, proposing grant-based financing for adaptation and loss and damage and concessional financing for mitigation.
The Advisor highlighted that public financing should remain the primary source under NCQG, with the private sector playing a supportive role. She proposed that at least 20% of this funding flow through established UNFCCC mechanisms, such as the Green Climate Fund and Adaptation Fund, according to the press release.
Rizwana emphasized the importance of defining climate finance to ensure transparency and accountability through the Standing Committee on Finance.
She also noted Bangladesh's urgent adaptation needs, citing the Adaptation Fund Gap Report 2023, which estimates an annual requirement of USD 8.5 billion, leaving a shortfall of USD 5.5 billion. Rizwana called for immediate action to fill this gap through external grants, warning of the increasing costs of inaction.
Expressing concern over slow progress in climate finance, particularly the loss and damage fund and NCQG, she criticized the lack of urgency from major emitters. "Existing policies fall short of limiting global warming to 1.5°C. We are in a decisive decade that will determine our planet's future," she said.
Rizwana also voiced disappointment over unresolved issues, including the review of the Warsaw International Mechanism for Loss and Damage and the stalled Mitigation Work Programme. She urged developed countries to take the lead in mitigation and fulfill their commitments under Article 6, rather than shifting the burden to developing nations.
Bd-pratidin English/Tanvir Raihan
