The Financial Express

Bangladesh to reduce coal-based projects, Momen says

The foreign minister optimistic about $100b climate fund

| Updated: April 24, 2021 10:11:30

Bangladesh to reduce coal-based projects, Momen says

Foreign Minister AK Abdul Momen on Friday said the government has taken a decision to reduce the number of coal-based projects in the country with an aim to prioritise on green and renewable energy.

“We are looking for renewable energy and green energy. Although, we implemented some coal-based projects, we have decided to reduce the number of these projects,” the minister said while briefing the media through a virtual platform on the outcomes of the ‘Leaders’ Summit on Climate’, hosted by US President Joe Biden.

The minister said Prime Minister Sheikh Hasina urged developed countries to ensure annual target of mobilising $100 billion climate funder as committed by them.

Momen said that, “The commitments made by the world leaders in the leadership summit prompted him to believe that the creation of the $100 billion fund will not be a problem now.”

“Funding is not a problem If there is a political commitment,” the minister said adding that the summit expressed firm commitment in this regard.

“The commitment we got from the US is very crucial in this regard. Mobiising this fund will not be difficult” he further said.

“I am very much optimistic that the fund can be created before the COP26,” he added.

“During his visit to Dhaka, John Kerry told us that several financial institutions had already made commitment to provide 30 billion US dollar for climate fund” the minister said.

“And Mr Kerry also mentioned that a private business group in the US was interested in investing 1000 billion US dollar in climate projects like renewable energy” Dr Momen added.

Momen said, the commitment by the US to slash carbon emission by 50 per cent by 2030 is very encouraging.

Similar commitments were made by Japan, Canada, Germany and European countries, he added.

In the summit, Prime Minister Sheikh Hasina said the fund should be distributed at a ratio of 50:50 between mitigation and adaptation, Dr Momen said.

Prime Minister Sheikh Hasina put forward four suggestions to global leaders to fight climate change challenges with a strong collective response.

“Her suggestions include announcing an immediate and ambitious action plan by developed countries to reduce their carbon emissions to keep the global temperature at 1.5 degrees Celsius with focus on mitigation measures; and ensuring the annual target of 100 billion US dollars which should be balanced 50:50 between adaptation and mitigation with a special attention to the vulnerable countries while pursuing losses and damages”.

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