As climate negotiators gather in Bonn for the mid-year United Nations climate talks, developing countries including Bangladesh are pushing for answers to a question that has long dominated global climate diplomacy: where is the money needed to confront a crisis they did little to create?
The 64th sessions of the UN Framework Convention on Climate Change (UNFCCC) Subsidiary Bodies, known as SB64, began on June 8 and will continue until June 18.
Although often overshadowed by the annual UN climate summit, negotiators and experts say the Bonn talks could determine whether promises made at recent climate conferences translate into real financial support for vulnerable countries.
The meeting comes at a pivotal moment for the global climate regime. The first Global Stocktake under the Paris Agreement concluded that the world remains far off track from limiting global warming to 1.5°C, while climate impacts continue to intensify across vulnerable nations.
For Bangladesh, one of the countries most exposed to climate-related disasters, the outcome of the Bonn negotiations could have direct implications for adaptation funding, disaster preparedness, food security and long-term climate resilience.
At the centre of the discussions is climate finance.
Although countries agreed at COP29 to mobilise at least $300 billion annually in climate finance by 2035, developing nations argue that the figure falls far short of actual requirements.
Various international estimates suggest adaptation and climate resilience needs alone could reach trillions of dollars over the coming decades.
Adaptation has emerged as one of the most contentious issues at SB64.
International adaptation finance reached only about $32 billion in 2024, a fraction of the estimated $310 billion to $365 billion needed annually by 2030.
Negotiators are expected to discuss how to operationalise commitments made at previous climate summits and how adaptation indicators can be linked to actual financial flows.
For countries such as Bangladesh, where rising sea levels, salinity intrusion, floods and cyclones are already affecting millions of people, adaptation finance is increasingly viewed as a development necessity rather than an environmental issue.
Another key area of concern is loss and damage financing.
The Fund for Responding to Loss and Damage, hailed as a breakthrough when established, is facing growing scrutiny over the slow pace of financial commitments and disbursement.
Vulnerable countries are seeking stronger institutional arrangements to ensure that compensation for climate-related losses remains a central part of future climate negotiations.
Mitigation efforts are also under review.
Negotiators are expected to discuss how countries can strengthen their Nationally Determined Contributions (NDCs) and align them with the findings of the Global Stocktake.
Discussions will also focus on accelerating renewable energy deployment, improving energy efficiency and ensuring a just transition for workers and communities affected by the shift away from fossil fuels.
Carbon markets under Article 6 of the Paris Agreement will receive further attention, with talks focusing on environmental integrity, transparency and oversight mechanisms.
Developing countries are also expected to raise concerns about the growing intersection between climate policy and international trade.
Many fear that new climate-related trade measures introduced by developed economies could shift the cost of decarbonisation onto poorer countries, creating additional barriers for exports and industrial growth.
Gender-responsive climate action, climate justice and support for vulnerable communities will also feature prominently during the negotiations.
Climate experts say the significance of SB64 lies not in major political announcements but in whether negotiators can create practical pathways for implementation before the next UN climate summit.
“SB64 must deliver implementation pathways for adaptation, finance and climate justice, especially for vulnerable countries like Bangladesh that are already facing escalating climate impacts,” said Md Shamsuddoha, chief executive of the Centre for Participatory Research and Development (CPRD).
For Bangladesh and other climate-vulnerable nations, the success of the Bonn talks will ultimately be measured not by diplomatic declarations but by whether they unlock accessible finance, stronger adaptation systems and meaningful support for communities already living on the frontlines of the climate crisis.
As negotiations continue, the central challenge remains unchanged: turning climate promises into climate action.