Bangladesh on Saturday officially highlighted its funding gap of US $5.5 billion for the implementation of the National Adaptation Plan (NAP) considering the climate change impact.
Bangladesh Environment and Climate Change Minister Md Shahab Uddin made the pledge at the 28th session of the Conference of the Parties (COP 28) of the United Nations Framework Convention on Climate Change (UNFCCC).
Despite dedicating substantial efforts to climate resilience, the financial shortfall poses a significant obstacle to executing 113 priority interventions across eight vulnerable sectors, outlined in the NAP from 2023 to 2050 for Bangladesh, said the minister on the 10th day of the COP28.
This year, COP 28 is being held in Dubai, UAE between November 30 and December 12.
The minister said this financial gap underscores the critical need for international collaboration and increased support to bridge the deficit and fortify Bangladesh's ability to effectively address and adapt to the challenges posed by climate change.
Bangladesh, ranked 7th most vulnerable country globally, is determined to shift from vulnerability to resilience.
The "Bangladesh Climate Change Trust Fund," initiated in 2009 with limited resources, has allocated $490 million for over 850 projects, and the government invests over $3 billion annually in climate-related actions, he said.
Last year, Bangladesh submitted the National Adaptation Plan (NAP) to the UNFCCC, outlining 113 interventions for eight vulnerable sectors from 2023 to 2050.
However, the NAP implementation faces a financial gap of $5.5 billion, hindering crucial interventions, he said.
The minister said despite resource constraints, Bangladesh is committed to a low-carbon development path, emphasising renewable energy, energy efficiency, and conservation.
The updated Nationally Determined Contributions (NDC) in 2021 tripled emission reduction compared to the 2015 INDC, aligning with global climate goals.
Minister Shahab Uddin urged progress in COP28 on three key areas:
Preserving the 1.5 Degree Goal
Emphasising the need for concrete political commitments to address emission gaps, especially by major emitters.
Global Stocktake Ambition
Advocating for increased ambition and actions aligned with the 1.5-degree goal, with milestones for progress assessment.
Financial Support
Urging developed countries to fulfill COP26 commitments, including doubling adaptation finance by 2025 and delivering the pledged $100 billion per year, with a call for increased post-2025 finance.
Meanwhile, representatives of Civil Society Organisation (CSOs) from Most Vulnerable Countries (MVCs) convened a press conference on the same day showing their deep dissatisfaction on poor progress of MVC LDCs issues.
They demanded a concrete action plan to phase out fossil fuel by 2050 in this COP 28 by developed and big emitting countries achieving 1.5-degree goal.
The press conference, titled "LDC's & MVC Peoples' Expectations and COP 28," took place at the COP 28 climate conference centre in Dubai.
Notable representatives from various civil society organisations (CSOs) including Ruchi Chowdhury of CANSA (Climate Action Network-South Asia) Avishek Shrestha from Nepal, Ms. Jocelyn Perry of Refugee International, Rezaul Karim Chowdhury of Equity BD, Md Shamsuddoha (Centre for Participatory Research & Development), Shamim Arfeen (AoSED), and Md Ziaul Hoque Mukta (CSRL) participated and shared their insights.
Aminul Hoque from EquityBD, Bangladesh presented the keynote on civil society expectations.
Aminul Hoque said there is deep dissatisfaction observed regarding the output of the first week negotiation process on temperature goal, financing on $100 billion and trend of continue underfinancing to the Adaptation and Loss & Damages funds under UNFCCC.
© 2024 - All Rights with The Financial Express
