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2:55 am | July 13, 2024
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climate action in developing countries has stagnated due to funding shortages
Aivee Akther Environmental Economics International Environment

Climate action in developing countries has stagnated due to funding shortages

Climate action in developing countries has stagnated due to funding shortages


Climate action in developing countries has stalled due to funding shortages. Developed countries have failed to deliver climate finance pledges every year since 2020.

At this year’s Climate Conference, Bangladesh and other affected countries should convince developed countries to announce a roadmap for providing this money.

Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), said, “With COP 27 ahead, We should prioritize the challenges of climate change along with the unprecedented economic and energy crisis caused by the Russia-Ukraine war.”

According to the statement, climate adaptation and mitigation activities in developing countries have stagnated due to funding shortages due to increased fuel oil and gas prices and the military spending of developed countries.

On the other hand, the global temperature has risen by 1.2 degrees Celsius since the pre-industrial era, and frequent floods, tsunamis, cyclones, and wildfires have increased worldwide.

However, the use and export of carbon-emitting fossil fuels, especially coal, has increased. Funding for coal-based energy projects has also increased.

Because of such a global situation, the 27th meeting of the Conference of Parties (COP27) of the United Nations Framework Convention on Climate Change is now held in Sharm Al Sheikh, Egypt.

Dr. Iftekharuzzaman said, “Developed countries have failed to provide $100 billion in climate finance every year from 2020, which is a prerequisite for implementing the Paris Agreement, including achieving the global temperature target of 1.5 degrees Celsius.

Although the climate fund is ‘additional to development aid’ and ‘new and additional, they have given only 83.3 billion in the last two years, of which the maximum is $20 billion to the climate fund, combining development aid with climate finance without any scrutiny.

Due to the obstacles of developed countries, it was impossible to create a separate fund for combating damage at the 2021 climate conference. In addition, the developed nations have reduced aid to food security and environmental and biodiversity conservation programs in affected countries.

Therefore, in light of the Paris agreement, climate change adaptation, mitigation, and financing should be emphasized in the upcoming conference. Bangladesh and other affected countries should play a strong role in their interests.”

TIB is presenting 16 demands for the concerned parties’ consideration to ensure the Paris Agreement’s implementation with the visible progress in climate finance in the upcoming COP27 conference and the fairness and transparency in the related activities.

One significant demand stated, “By ensuring transparency and accountability, the developed countries should raise a coordinated demand in preparation for a time-bound roadmap to pay a total of 600 billion dollars promised for 2020-2025.

Climate funds, including the Green Climate Fund (GCF), should give as grants rather than loans, with priority given to adaptation. A separate casualty fund should create, and grant money should be paid instead of insurance in exchange for risk.”

The role of the Bangladesh Government 

  • Bangladesh’s government should continue to prioritize the challenges of climate change in addition to its obligations to address the unprecedented economic and energy crisis caused by the war.
  • To protect livelihoods, forests and environment, and natural resources, the government should gradually step out from risky industrialization activities, including coal-based power plants, and should step forward with an internationally acceptable and neutral strategic environmental impact assessment;
  • The government should strategically prioritize renewable energy in the proposed Integrated Energy and Power Master Plan-IEPMP with a specific roadmap. Besides, Govt. can adopt short, medium, and long-term plans in this sector to increase the production of renewable energy in Bangladesh;
  • All projects related to climate change must ensure good governance, integrity, and effective measures to control corruption.

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