Civil society for climate finance management under UNFCCC instead of global lenders

On the eve of the 29th Climate Conference (COP29) in Baku, Azerbaijan, civil society leaders gathered at a seminar in Dhaka to emphasise that climate finance will be futile unless global warming is limited to 2 degrees Celsius by 2100.

Speakers from various non-governmental organisations said there is an urgent need for nations to commit to a 42 per cent reduction in carbon emissions by 2030 compared to 2019 levels.

The COP29 is scheduled to take place from November 11 to 22 in Baku, Azerbaijan.

The seminar, organised by EquityBD alongside many other NGOs, underscored the critical importance of addressing climate finance, which will be a key agenda item at COP29, said a release.

Md Shamsuddoha from CPRD said the lack of a clear definition of climate finance currently encompasses all forms of financial assistance, including loans and investments from wealthier nations to vulnerable countries.

 He criticised the diversion of aid through financial institutions rather than direct support via the United Nations Framework Convention on Climate Change (UNFCCC).

Dharitri Kumar Sarker from the Ministry of Environment and Forests said that discussions and recommendations from this seminar will inform Bangladesh's position at COP29.

However, he acknowledged the challenge of reaching a consensus among the 128 member countries.

Dr. Fazle Rabbi of PKSF said that less than 1.0 per cent of pledged climate funding has reached affected nations, with many facing infrastructural and policy barriers to effective use of these funds.

Rezaul Karim Chowdhury from Equity BD called for a transformative approach to climate finance, advocating for a new global financial framework to ensure effective, need-based support for vulnerable countries.

He said that at least 75 per cent of climate finance should be managed through the UNFCCC to prevent funding from being diverted for profit.

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