COP29: Bangladesh urges to provide enough funds

Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan has called upon to provide enough funds under the New Collective Quantified Goal (NCQG). 

A press release of Environment, Forest and Climate Change Ministry said this on Wednesday.

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).

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.

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.

The adviser also called for stronger commitments informed by the Global Stocktake (GST) outcomes, emphasising the need for tripling renewable energy capacity and doubling energy efficiency by 2030.
 
Environment, Forest and Climate Change Secretary Dr Farhina Ahmed, Power Division Secretary Farzana Mamtaz, Director General of Department of Environment Abdul Hamid, Additional Foreign Secretary M. Riaz Hamidullah and Additional Secretary of Economic Relations Division AKM Sohel, were also present at the press conference.