Bangladesh requires USD 3.5 billion per year for climate resilience

BAKU, AZERBAIJAN, Nov 16 (UNB): Bangladesh, one of the world's most vulnerable countries to climate change, requires USD 3.5 billion per year to strengthen its climate resilience, according to Aminul Hoque from COAST Foundation, Bangladesh.

Speaking at a civil society dialogue during the ongoing COP29 Global Climate Conference in Baku, Hoque stressed the need for substantial financial support from developed nations to meet the climate challenges faced by Bangladesh and other Least Developed Countries (LDCs), according to a press release on Saturday.

Civil society leaders gathered at the conference on Friday to demand USD 1.5 trillion under the new climate finance goal for the 2025-30 period. The demand, part of a broader call for climate justice, was made in the context of a draft text on the New Collective Quantified Goal (NCQG), which is currently being negotiated at the summit.

Hoque highlighted that Bangladesh, which is highly susceptible to the impacts of climate change, does not have the capacity to mobilise additional resources for survival spending. He argued that the financial burden for addressing climate vulnerabilities should be borne by the developed nations, as they are primarily responsible for the global climate crisis. Under the Paris Agreement, developed countries are obligated to provide financial support to vulnerable nations, a principle reflected in Article 9.1 of the agreement.

"We need USD 3.5 billion per year to ensure that Bangladesh can address its climate vulnerabilities and build resilience," said Hoque. "This is not for development, but for survival. Developed countries must honour their commitment to financing climate action, as they are responsible for the crisis we are facing."