Given the gravity of the crisis it is most likely that the COP-21 (Conference of Parties) scheduled to be held in Paris on November 30 will not be postponed in spite of the shock and horror caused by the recent brutal terrorist attacks. Like the horrific assaults that took toll of innocent civilians the climate change is also a matter of life and death, not just for the French but for the whole world community. It has taken quite a while for the countries of the world to agree on a common platform to discuss and reach agreement on measures to tackle the life-threatening consequences of change in global climate. Because of conflict of interests among countries arising from control of carbon emission, the root cause for the problem, a common approach to its solution has so far eluded.
The Kyoto Protocol inked as early as 1997 gave hope that a concerted programme of action would be undertaken by all the countries to keep carbon emission to a tolerable level. But failure of the developed countries like America and emerging country China to ratify the Protocol scuttled action on a global scale.
Climate change and its insidious consequences did not disappear from the horizon, rather awareness about them were heightened by polar ice melting, rise of sea level and unprecedented natural disasters like cyclones/hurricanes, flood and drought. Discussion continued at the conferences of countries at Copenhagen and Johannesburg to arrive at a consensus. The UN Panel on Framework Convention for Climate Change provided a scientific report based on latest findings. All the countries are now set to meet in a summit in Paris to thrash out a global compact to address the common threat to the world.
Programme of actions to meet the challenge of climate change falls into two main categories. One relates to agreement to limit the level of carbon emission and the other involves financing for measures to mitigate and adapt to climate change. For the first the burden of responsibility lies on the developed and emerging countries like China and India. After prolonged wrangling it has now been agreed in principle to limit carbon emission to an increase of 2 degrees celsius over the pre-industrial level. But some uncertainty still remains as America has observed that it does not consider the agreement on carbon emission as legally binding. This will be a major issue at the Paris conference.
The second aspect of climate change involves financing countries affected by it for mitigation and adaptation measures. These countries are mostly developing and have low income. The developed countries who are the major emitters of greenhouse gas, including carbon dioxide, have agreed to contribute to climate funds to enable vulnerable countries to undertake measures for mitigation and adaptation. For this purpose Green Climate Fund (GCF) has been set up under the aegis of the United Nations. But donor countries have not yet fulfilled their commitments to contribute to this fund adequately. Though they are committed to contribute US$ 35 billion to this fund till October 2015, only nominal funding has been made amounting to $2.6 billion. On the other hand, 34 developed and emerging countries disbursed till October this year only 37 per cent of the $10.2 billion that they committed to contribute to the GCF. The management of this fund has been entrusted to multilateral institutions like the World Bank and Asian Development Bank.
Recently five affected countries, including Bangladesh, have been offered loan from this fund for measures to mitigate and adapt to climate change. The civil society and think tanks of Bangladesh have vehemently opposed the treatment of this fund for giving loan. They have asserted that the financial help should come as grant as the countries like Bangladesh are the victims of the over-polluting activities of the developed countries and as such deserve compensation. Bangladesh, Malawi, Senegal, Fiji and Maldives, who have been offered fund as loan from the GCF, should insist on having grant as the polluting countries owe them this as compensation. Some see in this overture of developed countries a shrewd attempt at avoiding their responsibility for worsening the climate change and make amends for it. If the five countries agree to receive disbursement from the GCF as loan other countries will be made to accept the same terms, it is apprehended.
According to an agreement in principle reached at by developed countries they are to contribute $100 annually for climate change in addition to financial assistance for development. So far no disbursement has been made to fulfill this commitment. This was agreed in the Copenhagen Conference in 2009 to compensate the low-income countries affected by climate change. The annual financial assistance of $100 billion falls short by $50 billion as estimated by the UN Environment Programme (UNEP) in 2014. Bangladesh has already submitted a proposal requiring $40 billion annually starting from 2015. Till September this year only $1.74 billion have been allocated in which the developed countries' contribution amounts to 64
per cent.
During the last three years disbursements made against commitments show a huge shortfall. In the General Assembly session of the UN held in September 2015 UK, Germany and France committed $19 billion and China $3.1 billion to the GCF. No specific date has been mentioned as to when disbursement on this commitment will start.
Meanwhile, multilateral banks have endorsed Bangladesh's plan for renewable energy development and set up Climate Investment Fund (CIF). These institutions have agreed to provide $75 million for the implementation of the projects under the plan. This fund is being provided under the Scaling Up Renewable Energy in Low Income Countries Program (SREP) covered by the CIF. The SREP funding is expected to mobilise an additional $650 million in investment to scale up renewable energy development. These investments have the potential to transform the country's grid-electricity generation from fossil fuels to clean renewable energy.
Implementation of projects for mitigation and adaptation depends not only on funds but also on effective planning and a strategy based on priority. According to available information, out of 305 projects taken up since 2010 under the Bangladesh Climate Change Trust Fund (BCCTF) and Bangladesh Climate Change Resilience Fund (BCCRF), only 65 projects have been completed till September 2015. It has been observed that priority areas have not received due attention in the preparation of the projects.
In spite of a number of funds set up for mitigation and adaptation of climate change availability of funds will depend on hard bargaining as there are competing claims from other climate-vulnerable countries. Bangladesh should make out a strong case not by simply pointing out the damage and loss caused by climate change. A convincing package of projects based on priority should be presented to donors and managers of various funds. Otherwise, Bangladesh may lose by default.
hasnat.hye5@gmail.com
Financing to meet climate change
Hasnat Abdul Hye | Published: November 24, 2015 00:00:00 | Updated: November 30, 2024 06:01:00
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