Accessing global climate finance remains major challenge for Bangladesh: Experts
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Accessing international climate finance remains a major challenge for countries like Bangladesh due to the strict eligibility criteria, said climate experts on Monday.
Despite the country's efforts, the eligibility requirement is preventing agencies from qualifying for global climate funds like the Green Climate Fund (GCF), the Least Developed Countries Fund (LDCF), and the Adaptation Fund (AF), they added.
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 existing development loans, the speakers opined.
They made the remarks at a national seminar titled “Bangladesh’s Climate Resilience and Financing: Challenges, Opportunities and Way Forward” organised by Bangladesh Institute of International and Strategic Studies (BIISS) at the BIISS auditorium in the city.
Bangladesh’s vulnerability to climate change is largely attributed to its geography, which makes it particularly susceptible to natural disasters and rising sea levels, the climate experts said, adding that a dense population, dependence on agriculture for livelihood and weak adaptive capacity adds to its vulnerability to climate change impacts.
However, Bangladesh is relentlessly trying to strengthen its adaptive capacity.
Nahim Razzaq, Convenor, Climate Parliament Bangladesh and Member, Parliamentary Standing Committee on Ministry of Foreign Affairs, addressed the programme as the chief guest.
He called for a shift in mindset to raise funds for climate finance, emphasising the importance of public-private partnerships in achieving this goal.
Ainun Nishat, Professor Emeritus, BRAC University was present as the special guest.
He said climate vulnerability has been assessed and Bangladesh placed 8th in the scenario out of 190 countries in the world.
"We (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 we left out the huge number of cyclones that occurred in the country from the assessment, we slipped from number one to eight,” he observed.
Climate finance is one of the most important issues worldwide. The developed world refused to carry out global financing it was promised to provide—these are major challenges, Mr Nishat said.
Capacity building and technology transfer are other major areas we must focus on, he suggested.
Major General Md Abu Bakar Siddique Khan, Director General, BIISS, delivered the welcome address.
Three presentations, including one by Shaikh Muhammad Mehedi Ahsan, Country Representative, IUCN Bangladesh, delivered in the national seminar.
Mohammad Abu Yusuf, Additional Secretary, Finance Division, also delivered a presentation on “Innovative Financial Mechanisms” while AFM Gousal Azam Sarker, Chairman, BIISS, moderated the session.