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TIB: Closely monitor proposed climate change insurance scheme at COP 25

  • Published at 02:54 pm November 28th, 2019
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The Cop 25 will be held from December 2 to 13 in Spain this year

A suggestion to delegates from Bangladesh attending the UN Climate Change Conference COP 25 to closely monitor stipulations of the proposed climate change insurance scheme, was made by Transparency International Bangladesh (TIB) Executive Director Dr Iftekharuzzaman, at a press conference, organized by TIB , at its Dhaka headquarters yesterday.

He said: "Only one country will not be able to influence the negotiations. Therefore, Bangladesh along with other least developed and vulnerable countries must scrutinize the negative and positive effects of the insurance."

"If the [Bangladesh] government feels that the proposed insurance system will benefit the country, then they can accept it."

"Along with this initiative, the ongoing compensation plans [of funding developing countries to adapt to climate change] must also continue as developed countries keep on polluting the atmosphere," he added.

When countries affected by adverse and catastrophic effects of climate change demanded compensation, the climate change insurance was proposed by the developed countries of the world.

The Warsaw International Mechanism for Loss and Damage, created in 2013, recognizes the loss and damage faced by developing or least developed countries due to extreme climate predicaments caused by the developed countries. 

TIB Executive Director Dr Iftekharuzzaman addresses a press conference organized by TIB at its conference room in Dhaka’s Midas Centre on November 28, 2019 | Mehedi Hasan/Dhaka Tribune
"Considering the compensation policy of the biggest environmental polluters of the world, there should only be grants, no loans for the affected countries," said Dr Iftekharuzzaman. 

TIB demanded the disbursement of financial aid that was pledged for countries that are vulnerable due to climate change such as Bangladesh by Green Climate Fund (GCF). 

They also urged GCF to release the allocated funds for the three projects approved by the financial mechanism under the United Nations Framework Convention on Climate Change (UNFCCC) in Bangladesh.

According to the studies conducted by TIB, Bangladesh has been granted $85 million so far from the Green Climate Fund (GCF) but the country needs more than $2.5 billion to tackle climate risk, added TIB.

"GCF approved the first project in Bangladesh in 2015 but it is yet to provide us with the money which was promised."  

"As the Paris Agreement does not have a legal accord on this issue, the international monetary organizations such as World Bank, ADB, IMF, along with some corrupt banks and financial institutions have created a vicious cycle of blocking money withdrawals from the funds,” added Dr Iftekharuzzaman.

TIB's Advisor for Executive Management Dr Sumaiya Khair, Senior Program Manager (climate finance governance) M Zakir Hossain Khan, and Deputy Program Manager Mahfuzul Haque, were also present during the event.

The COP 25, under the UNFCCC, is scheduled to be held from December 2 to 13 in Madrid, Spain this year.