Focus on strengthening climate finance at COP26: Experts
- Economists and environmentalists have suggested that Bangladesh focus on:
- Ensure that major carbon emitting countries meet their commitments to limit carbon emissions
- Urgently increase the climate fund to support climate vulnerable countries
- Secure the largest share of the climate fund towards adaptation
- Finalize the Paris Rulebook to ensure accountability
- Establish the loss and damage mitigation mechanism.
At the upcoming COP-26 climate change summit, Bangladesh is expected to focus on increasing funding to tackle the impacts of climate change, economists and environmental experts said.
“In order to make clean energy available and affordable for the poor, vulnerable countries like Bangladesh need to secure investments in renewable energy and energy infrastructure,” said Dr Fahmida Khatun, executive director of the Center for Policy Dialogue ( CPD), in a dialogue titled “Bangladesh’s expectations of COP26” on Sunday.
“However, developed countries have failed to keep their promises to raise $ 100 billion a year for this purpose,” said Dr Fahmida, the program’s keynote speaker.
“Accessing the climate fund has been a difficult task for Bangladesh, as a huge amount comes in the form of loans and non-concessional instruments,” said the Executive Director of CPD.
The director of the International Center for Climate Change and Development (ICCCAD), Dr Saleemul Huq, panelist during the discussion, also emphasized the collective responsibility to tackle climate change.
Regarding the $ 100 billion commitment to climate finance, he said: “The current demand for finance is at least $ 500 billion over five years. We should work beyond the COP-26 platform in this regard.
CPD and ICCAD jointly organized the dialogue to highlight the programs of Bangladesh and other countries vulnerable to climate change at the upcoming COP-26.
Among these programs, the five most important are: ensure that major carbon emitting countries meet their commitments to limit carbon emissions, urgently increase the climate fund to support climate vulnerable countries, ensure the largest share Climate Fund for Adaptation, finalize the Paris Regulation to ensure accountability and establish the loss and damage mitigation mechanism.
COP-26 will be held from October 31 to November 12, 2021 at the Scottish Event Campus in Glasgow.
At the summit, nations will determine the actions needed to enable and encourage countries affected by climate change to protect and restore ecosystems and develop prevention programs.
Recently, some countries have committed to increasing their contribution to the climate fund. The UK will double its climate finance with € 11.6 billion, while the US has also pledged to increase its contribution to climate finance.
CPD Chairman Prof Rehman Sobhan, who chaired yesterday’s program, said there is some asymmetry between individual responses and a broader global system externality regarding the issue of climate change.
“Bangladesh should focus more on its own individual strategies and fulfill its commitments to achieve the goals at the national level. This would automatically help the country to meet global commitments as well, ”said Dr Rehman Sobhan.
He added that there is a need to make conferences and discussions more inclusive and that vulnerable groups most affected by climate change need to be included in climate-related development priorities.
During the discussion, Dr Rubana Huq, former president of the Bangladesh Garment Manufacturers and Exporters Association, highlighted the need for collaboration among all stakeholders to tackle climate change.
She also called for more strategic actions by the private sector for the use of renewable energies.
In Bangladesh, annual average temperatures rose 0.64% in 2018, which was 10.20 times faster than the annual average temperature increase of 0.06% in 1961. Due to flooding, Bangladesh is expected to suffer losses equivalent to 1.5% of its gross domestic product (GDP), the International Center for Climate Change and Development said.
Mr Abul Kalam Azad, Special Envoy of the Chair of the Bangladesh Climate Vulnerability Forum, Charles Whiteley, Head of the European Union Delegation to Bangladesh, Judith Herbertson, Director of Development, Foreign, Commonwealth and Development in Bangladesh, also took the floor, while Khushi Kabir, coordinator of Nijera Kori moderated the session.
Dr Khondaker Golam Moazzem, Director of Research at CPD, and Professor Mustafizur Rahman, Distinguished Fellow at CPD, also took part in the open discussion