Govt urged to support climate victims through insurance premiums, strengthen global fund access

There is no alternative to bringing climate-affected marginal people in Bangladesh’s coastal areas under insurance to improve their living standards, experts have said at a roundtable.

They have urged that the government should bear the cost of these insurance premiums.

The government should collect this funding from international climate funds. Although developed countries have long promised financial support to climate-vulnerable countries like Bangladesh, they have failed to deliver it properly, experts alleged. 

These issues were tabled at a divisional roundtable on 'a pro-poor, gender-sensitive, and human rights-based Climate and Disaster Risk Finance and Insurance (CDRFI) process for coastal regions'. The event was held on Saturday (April 25) at Hotel Western Inn in Khulna.

The meeting was organised by AOSED (An Organisation for Socio-Economic Development) with support from CARE Bangladesh.

AOSED implemented the Multi-Actor Partnerships on Climate and Disaster Risk Finance and Insurance (MAP CDRFI) project in Bagerhat and Satkhira districts from April 2023 to March 2026, with financial support from BMZ and technical support from CARE Bangladesh.

Developed countries have been promising financial and technological support to climate-affected nations since 1995, AOSED Executive Director Shamim Arfeen said. 

They also committed to reducing carbon emissions. However, emissions have instead increased by 34.4 percent over this period. Moreover, instead of providing compensation, these countries are pushing nations like Bangladesh into debt through various mechanisms.

He said the government should take strong preparation for the upcoming global climate negotiations, including the Bonn Climate Conference in Germany and COP31 in Turkey, to secure favourable funding by effectively negotiating with developed countries.

Shamim Arfeen said that since climate insurance is now essential to address climate losses, insurance companies should introduce user-friendly systems for marginal communities.

At the same time, the government must bear the premium costs and secure funds from global climate financing sources.

Khulna City Corporation Administrator Nazrul Islam Monju said political parties lack dedicated platforms to discuss climate issues.

He noted that elected representatives often neglect such important matters once in power. He added that these issues were largely ignored during the previous government.

The current government is democratic and assured that he would raise these concerns with the Prime Minister and relevant authorities, he said.

Khulna Zila Parishad Administrator SM Monirul Hasan (Bappi) said he has witnessed the severe suffering of climate-affected people and stressed the need to at least ensure protection of their crops, families, and access to safe drinking water so they can lead normal lives.

Professor Anwarul Kadir, Chief Executive of Sundarbans Academy, said that despite long efforts, no effective solution on climate insurance has been reached because the focus remains on making policies profitable rather than people-oriented.

Khulna University Professor Sharif Hasan Limon said having a strong database is crucial to accessing climate funds. He emphasised the need to collect data at both national and local levels.

Professor Dr Nazia Hasan said a comprehensive, long-term, and research-based master plan is needed to tackle climate impacts.

Deputy Director of the Department of Agricultural Extension in Khulna, agriculturist Md Nazrul Islam, said efforts are underway to diversify crops in coastal areas, including watermelon and sunflower cultivation.

However, this remains highly challenging and requires more financial and technical support, he said.

Assistant General Manager of Sadharon Bima Corporation, Khulna Bishwajit Kar said climate insurance is currently the only effective way to reduce the suffering of affected people.

NGO representative from Satkhira, Ashik E Ilahi, said corruption is a major issue, which has created mistrust among people regarding insurance.

CARE Bangladesh Technical Coordinator Himadri Shekhar Mondal said climate finance models are changing rapidly, making it difficult to distinguish between grants, loans, and business interests of developed countries.

Others who spoke at the event included Professor Dr Tushar Kanti Roy of Khulna University of Engineering and Technology, Biplob Kumar Basak, Director of the Department of Fisheries in Khulna, SA Rashid, President of the Communist Party of Bangladesh (Khulna district), AOSED deputy director Helen Khatun, Financial Express Senior Staff Reporter Yasir Wardad, and CCJEB Senior Research Fellow Moumita Das Gupta, among others.

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