Experts during an event emphasized that COP-29 should set a $5 trillion annual climate finance target to address climate loss and damage.
They discuss these during a program organized by ActionAid Bangladesh at a hotel in Dhaka's Gulshan on Monday.
A campaign titled “Fund Our Future” to prevent climate disasters, a survey was unveiled on the occasion.
“How the Finance Flows 2024,” a report conducted by ActionAid International, explains how public funds from the global south are being diverted to fuel the climate crisis while enriching fossil fuel and industrial agriculture sectors.
The findings were discussed by participants, including representatives from civil society organizations, national and international development agencies, and local environmental and energy experts.
A new report conducted by ActionAid International revealed that over $677 billion in subsidies is poured into the fossil fuel and industrial agriculture sectors annually, fueling greenhouse gas emissions. Developed countries are the primary beneficiaries of these subsidies, contributing to global temperature rise and biodiversity loss.
Farah Kabir, country director of ActionAid Bangladesh, said: “This report exposes how fossil fuel and industrial agriculture corporations are driving our climate crisis. We must ensure accountability and transparency. We must demand justice and continue our fight collectively.”
Ahmed Zubaer, joint director of Bangladesh Bank, said: "We need to think about viable alternatives to green energy. We get funding, but the process is a bit complicated. It has to be made easier. We have to focus more on climate adaptation than climate impact mitigation.”
Morshed Millat, former Director of Bangladesh Bank's sustainability finance department, said: "Transparency is more important than using climate funds. Policies in the context of South Asia must be practiced at the field level.”
Anwar Farooq, former senior secretary, Agriculture Ministry, said: "Other sources of renewable energy should be increased to optimise the availability of energy. At the same time, the amount of land is decreasing relative to our population. The green agricultural transition should be accompanied by a plan to maximize the use of land by reducing the use of harmful fertilizers and increasing the use of organic fertilizers.”
Florian Höllen, counsellor head, German Development Cooperation, German Embassy Dhaka, said: “Bangladesh's energy sector needs to be restructured. The government should take initiatives to transition to green energy in such a way that people show interest in it. The government can also think about how the fossil fuel-generating power plants in Bangladesh can be converted into renewable energy and biogas plants.”
Sabbir Hossain, chief operating officer of Brac Bank, said: “80% of the solar panels used on the roofs of houses in Dhaka have become ineffective. But it is not being reviewed. Now is the time to reevaluate and plan solar differently.”
Ibrahim Khalil Al-Zayad, chairperson of ActionAid International Bangladesh Society, said: “There is an opportunity now to make a new inclusive and coordinated policy on energy. We need to increase research on climate change, green energy and renewable energy. We need to find new ways to solve the energy problem.”
The research found that between 2016 (when the Paris Agreement was signed) and 2023, the fossil fuel sector received an average of $438.6 billion annually in public subsidies from the Global South. The industrial agriculture sector benefited from an average of $238 billion per year during the same period.
The report called for an end to fossil fuel financing, increased investment in renewable energy and sustainable agriculture, and for public funds to be redirected towards climate solutions that protect people's rights to food, energy, and livelihoods. It urged national and regional governments to regulate the banking and finance sectors to stop financing fossil fuel expansion.