FE REPORT
Despite various efforts, accessing international climate finance still remains a major challenge for the countries like Bangladesh due to strict eligibility criteria of the funds, said climate experts on Monday.
Accessing international climate finance is a major challenge with strict eligibility criteria preventing the agencies concerned from qualifying for the global climate funds like Green Climate Fund (GCF), Least Developed Countries Fund (LDCF), and Adaptation Fund (AF), they added.
They also opined that to address this issue, Bangladesh needs to improve its fiscal space and pursue grant-based or concessional climate assistance as well as renegotiate and restructure the existing development loans.
They said these at a national seminar - "Bangladesh's Climate Resilience and Financing: Challenges, Opportunities and Way Forward" - organised by the Bangladesh Institute of International and Strategic Studies (BIISS) at its auditorium in the capital.
The speakers noted that Bangladesh's vulnerability to climate change is largely attributed to its geography, which makes it particularly susceptible to natural disasters and rising sea levels. Besides, dense population, dependence on agriculture for livelihood, and weak adaptive capacity add to its vulnerability to climate change impacts.
However, Bangladesh is relentlessly trying to strengthen its adaptive capacity.
Nahim Razzaq, Convenor of Climate Parliament Bangladesh and Member of Parliamentary Standing Committee on Ministry of Foreign Affairs, spoke at the programme as the chief guest.
He urged all concerned to change their mindset to raise funds for climate financing, underlying public-private partnership in achieving more climate funds.
Dr Ainun Nishat, Professor Emeritus of BRAC University, was present as the special guest.
He said global climate vulnerability has been assessed. Of the 190 countries in the world, Bangladesh has been placed at eighth position. Bangladesh could have been the most vulnerable country in the world. But the way it has been calculated makes the difference.
"The number of people dying or deaths is the major factor in assessing vulnerability. When the large number of cyclones that occurred in the country is left out from the assessment, we slipped from number one to eight."
Climate finance is now one of the most important issues worldwide. The developed world is refusing to provide funds in line with its promise, and it is one of the major challenges, he observed. "Capacity building and technology transfer are other major areas which we must focus on," he suggested.
BIISS Director General Major General Md Abu Bakar Siddique Khan delivered the welcome address.
Three presentations, including one by Country Representative of IUCN Bangladesh Shaikh Muhammad Mehedi Ahsan, were delivered in the seminar.
Additional Secretary of Finance Division Mohammad Abu Yusuf also delivered a presentation on innovative financial mechanisms, while BIISS Chairman A F M Gousal Azam Sarker moderated the session.
© 2024 - All Rights with The Financial Express
