Finance Minister AMA Muhith admitted Sunday it is because of an imprudent move from him in 2009 that Bangladesh failed to get enough from huge global climate funds.
"It is often pointed out that Bangladesh is a very small recipient of global assistance in respect of climate change. And I think this is partly because of my foolishness," he told an international conference in Dhaka.
"In 2009, when global community came up with the scheme of raising US$ 100 billion each year for climate change financing, I thought that even if that amount is available from the global community, Bangladesh would not be able to access it quickly," the finance minister said.
"So, I suggested to my Prime Minister that we should not wait for money from anybody and we should try on our own," he added in explaining his personal misunderstanding of the significance of the global initiative to help out climate-change victims.
Mr Muhith was speaking at the closing ceremony of the International Conference on Climate Change, organised by Bangladesh Centre for Advanced Studies, BRAC University, and International Center for Climate Change and Development (ICCCAD).
"We allocated Tk 7000 million on climate-change risk in our 2009 budget and the amount almost became fixed," he told the audience from home and abroad.
"Because, whenever I tried to cut it, the whole ministry would object to it saying that this is a flagship project and we are honored throughout the world for it," the Finance Minister said while referring to the Climate Change Trust Fund that was born out of that budgetary move.
"It is very true that Bangladesh has done very well when it comes to managing that Climate Change Trust Fund," Muhith said.
He also pointed out operational maintenance as the biggest challenge against sustaining any development schemes in the country.
"We do not have the mechanism to maintain a facility that we have developed," the Finance Minister told the meet. "We need to have a system for involving the local government and institutions in operation and maintenance of such development schemes."
The Finance Minister also agreed to the idea of setting up a 'Loss and Debit Fund' that came out of the conference. "We have some money available and we can work on it."
Earlier during the programme, speakers called for increased engagement of the private sector in climate financing.
Eminent environmentalist and Executive Director of Bangladesh Centre for Advanced Studies (BCAS) Dr. Atiq Rahman in his speech called for focusing on climate-change mitigation schemes that are pro-development.
"We are a minor emission-producing country. So, we need to focus on mitigation that is pro-development, like solar-home system or improved stoves."
He also observed that Bangladesh should get a fair share of the Green Climate Fund and Clean Development Mechanism (CDM).
Eminent climate-change specialist Ainun Nishat in his speech emphasized mobilizing the local capacity for better management of the available climate funds.
President of Metropolitan Chamber of Commerce and Industry (MCCI) Barrister Nihad Kabir called for developing innovative products for involving private sector in the implementation of Sustainable Development Goals.
"It is said that a big chunk of SDG financing for Bangladesh would come from the private sector. But to ensure early involvement of the private sector, the government needs to come up with innovative products," she said.
The chamber leader, in her speech, also called for promoting the use of electric vehicles in the country.
Speakers at the event also pointed out that once Bangladesh graduates from the LDC status, it will no more be eligible for the climate funds available for least developed countries.
Therefore, they stressed the urgency of establishing that Bangladesh is a climate-vulnerable country and eligible to access climate funds.
[email protected]
