Bangladesh has long been seeking increased international financing, technology transfer and support for climate adaptation to address the growing risks of climate change.
At COP31 in Antalya, Turkiye, Prime Minister Tarique Rahman placed five proposals before the international community, including allocating at least 50% of global climate finance to adaptation.
Meanwhile, Bangladesh has been invited to prepare an investment plan to seek up to $30 million under a new programme of the Climate Investment Funds (CIF).
However, the opportunity to seek funding does not guarantee that the money will be approved or disbursed.
Challenges remain in securing pledged funds, preparing investment proposals and ensuring that financial assistance reaches communities affected by climate change.
Bangladesh's five proposals at COP31
At the high-level segment of COP31 on November 12, Prime Minister Tarique Rahman presented five proposals to address the needs of climate-vulnerable countries.
He called for allocating at least 50% of international climate finance to adaptation, introducing debt-for-climate swaps and climate-resilient debt clauses to ease the debt burden of vulnerable nations, and ensuring equitable access to climate-friendly technologies through technology transfer.
The other proposals included expanding renewable energy through affordable financing and capacity development, and adopting the Belem-Antalya Action Mechanism to support a just energy transition based on equitable financing and trade.
The prime minister said climate-vulnerable countries needed grants rather than additional loans that would increase their debt burden. He also called for reliable financial support, access to modern technology and stronger assistance for adaptation.
He said the existing global climate financing system remained inadequate to meet the needs and priorities of developing countries.
Opportunity to seek $30m in funding
Bangladesh has been invited to participate in the first phase of the Climate Investment Funds' (CIF) new Accelerating Resilience Investments and Strengthening Economies (ARISE) program.
Under the initiative, the country can prepare an investment plan to seek up to $30 million to strengthen climate resilience.
Environment, Forest and Climate Change State Minister Shaikh Faridul Islam disclosed the development to journalists on the third day of COP31 on November 12.
He said it was the first time such an announcement had been made at a climate conference.
The proposed funding could be used for ecosystem restoration, improving the livelihoods of coastal communities and constructing shelters in cyclone-prone areas, he said.
Govt initiatives to address climate change
Environment, Forest and Climate Change Minister Abdul Awal Mintoo said Bangladesh was expanding tree plantation and afforestation programs, promoting renewable energy, including solar power, and implementing environmentally sustainable development initiatives.
He said adequate and timely international financing was essential to implementing the country's Nationally Determined Contributions (NDCs) and National Adaptation Plan (NAP).
Prime Minister's Adviser Mahdi Amin said the government was prioritizing solar power to reduce dependence on fossil fuels and making solar energy mandatory in government and institutional buildings.
Initiatives were also underway to generate electricity from waste and promote electric vehicles to reduce emissions in the transport sector, he said.
He added that the government was encouraging industries to adopt environmentally friendly technologies, expanding green industries and increasing the coverage of LEED certification.
Other initiatives include a program to excavate and re-excavate 20,000 kilometres of rivers and canals and a target to plant 250 million trees over the next five years.
Steps have also been taken to implement the Padma Barrage and Teesta Master Plan to prevent groundwater wastage and improve integrated water resource management, he said.
Mahdi Amin said Bangladesh contributed negligibly to global carbon emissions but remained among the countries most vulnerable to climate change. International cooperation and compensation were therefore essential to address climate-related losses and damage.
Experts question capacity to use funds effectively
Climate expert Professor Dr Ainun Nishat said securing financial commitments at climate conferences was not enough, stressing the need for proper monitoring and accountability to ensure that funds achieved their intended objectives.
He said previous climate conferences had produced several political and procedural commitments, but implementation remained a major challenge.
Bangladesh had so far received $464 million, while discussions were underway for another $30 million, he said.
However, he questioned whether the proposed funding would be used effectively, particularly given concerns over the capacity of the Water Development Board and the Ministry of Water Resources to manage projects in coastal areas.
Although the proposed amount was small compared with the needs of coastal communities, Bangladesh must demonstrate that it could use the money properly, he said. Otherwise, future funding could be affected.
Waterkeepers Bangladesh Coordinator Sharif Jamil said the proposed $30 million was negligible compared with the scale of damage suffered by coastal communities.
He said climate financing discussions had made limited progress compared with the needs of vulnerable countries. However, continued negotiations were important to hold countries accountable for climate change.
He also stressed the need to ensure that funds reached affected communities and benefited them directly, rather than focusing solely on announcing financial commitments.
Bangladesh's progress at COP31 will ultimately depend on whether funding pledges translate into actual disbursements, access to loss and damage financing improves and adequate support is secured for adaptation.
The real measure of success will be the amount of funding received and its impact on communities most vulnerable to climate change.