Developed countries need to increase investment in climate change –Bangladesh urged at COP 28 Conference
Bangladeshi experts participating in the COP-28 conference urged to encourage investment in climate-resilient projects. Meanwhile, Rezaul Karim, a member of the Bangladesh negotiation team said that carbon-polluting companies should be fined.
Experts who participated in the COP-28 climate conference say that the developed countries are not investing in climate change, but are putting the responsibility on the private sector.
But, the private sector is not interested in investing in climate-resilient sectors. Therefore, tariff benefits or incentives should be given to increase the interest of private entrepreneurs in the climate sector.
In this context, Bangladesh negotiation team member Dr. Rezaul Karim said, ‘Carbon-polluting companies are not being fined. This is not happening in Bangladesh either. To raise government revenue, companies must be fined. Tax should be levied on pollution.’
He also said, ‘if this initiative is taken, the revenue will increase. Investment in the private sector will increase.’
Ainun Nishat, another member of the Bangladesh team, said, ‘Global leaders must play a major role in increasing private sector investment in climate finance. They must be forced to invest in climate mitigation and adaptation. The banking sector can play a significant role in this regard.’
He also said, “The COP president has clearly said, ‘Fossil fuel companies can use technology to reduce carbon pollution if they want.’
This time this issue has been brought up strongly by fossil fuel-dependent countries. Indemnity Funds have been set in motion. But the challenge of getting finance in the climate sector is getting bigger.”
“After the damage fund was put into effect, the most difficult task of the conference became easier. As a result, it was hoped, other functions of the conference would also become easier,” he added.
The talks hit a snag when it comes to reducing carbon emissions and paying $10 trillion as promised by developed countries. Discussions took a more complicated shape around a statement by the conference president about ending the use of fossil fuels in reducing carbon emissions.
In this regard, M Hafizul Islam Khan, a member of the Bangladesh delegation and LDC group’s loss coordinator, said, “It will take at least eight months for the loss fund to start.”
The board of directors formed to manage this fund will hold its first meeting in January next year. And, this council will take the final decision on paying the compensation fund.
Hafizul Islam Khan said, ‘Bangladesh is not able to use the money of global climate fund due to lack of preparation. Therefore, from the beginning, the creation of skilled manpower and infrastructure to receive the compensation fund should be initiated.’
Meanwhile, Manjurul Hannan Khan, the executive director of Nature Conservation Management, said, ‘COP-28 has not taken any decision in favor of reducing the use of fossil fuels so far.’
‘Rather, the position of energy-rich countries, including the COP President has become stronger in favor of using fossil fuels for a longer period by reducing carbon pollution through the use of technology,’ he added.
At this conference, heads of government of different countries, and representatives of all categories including environmental experts have participated in various events and are representing climate-affected countries including their own countries.