Foreign Minister Momen said Bangladesh firmly believes that strict implementation of the Paris Agreement is the only way forward for a sustainable future
Bangladesh as the chair of the Climate Vulnerable Forum (CVF) has invited developed nations to participate in the CVF/V20 “Multi-Donor Fund” to scale up climate actions of the CVF member countries.
“We invite developed economies to participate in this multi-donor fund. Global financing mechanisms to address the challenges of climate change are severely under-resourced,” Foreign Minister AK Abdul Momen said on Wednesday.
The foreign minister was virtually addressing the “Climate and Development Ministerial” organized by the UK as the Presidency of the COP26.
“We are nowhere near the Paris Agreement’s annual target of $100 billion,” he said, adding that the complicated architecture of international climate finance is also a barrier.
Momen said Bangladesh firmly believes that strict implementation of the Paris Agreement is the only way forward for a sustainable future.
“We need political commitment to build a sustainable, prosperous and resilient future through shared responsibility and concerted actions,” he said.
In this regard, Momen said Dhaka suggested that a CVF-COP prosperity partnership may be a way forward.
“Major economies, MDBs, IFIs should come forward for climate financing, and to ensure transparency and flexibility of finance,” he said, adding that such funding must be balanced towards a 50:50 division between adaptation and mitigation.
Momen also emphasized that a “loss and damage” provision should be mainstreamed as extreme weather events have already displaced many more people than violent conflicts.
Likewise, he said, relocation and protection of displaced persons due to global warming and river erosion need due focus in global discourses to ensure their protection and rehabilitation.
The foreign minister noted that Bangladesh has adopted excellent adaptation and mitigation activities to enhance its climate resilience.
“As the first LDC, Bangladesh established a Climate Change Trust Fund where the government has allocated nearly $443 million from its own resources,” he added.
This year, he said, as part of the celebration of the birth centenary of Bangladesh’s Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the government is planting 11.2 million trees across the nation and is going to implement the “Mujib Climate Prosperity Plan” to achieve low carbon economic growth for optimized prosperity and partnership.
“Green growth, resilient infrastructure and renewable energy are key pillars of this prosperity plan, which is a paradigm shift from vulnerability to resilience and now from resilience to prosperity,” he said.
He also mentioned that Bangladesh also has established a Regional Global Adaptation Centre in Dhaka with a view to disseminate region-based innovative adaptation strategies.