Annual Target to Fight Climate Change: Hasina pushes for $100b funds

Prime Minister Sheikh Hasina has put forward four suggestions at the  Leaders Summit on Climate, including cutting global emission,  transferring technology and ensuring attainment of the annual target of  mobilising $100 billion as committed by developed countries.

The  developed countries had made the commitment to mobilise $100 billion, Green  Climate Fund, per year by 2020 for climate actions in the developing  countries, but only $30 billion could be mobilised so far.

Stressing  the need for the fund, Hasina said it should be balanced 50:50 between  adaptation and mitigation with special attention to vulnerable  communities.

Presently, a major portion of the $30 billion is spent on  mitigation projects, whereas the developing countries need adaptation  more than mitigation as they contribute to carbon emissions the least  but are affected more.

"Major economies, international financial  institutions and private sectors should come forward for concessional  climate financing as well as innovation," the PM said on the first day  of the two-day summit hosted virtually by US President Joe Biden.

Forty  world leaders, including those from major carbon emitting countries  like the USA, China, Russia, India, Japan, the UK, and Canada, as well  as leaders from climate vulnerable nations and those who demonstrated  innovations and leadership in tackling climate change are attending the  summit.

President Biden called the summit days after returning to  the Paris Climate Agreement from which his predecessor had pulled out.  New hopes have been raised following Biden's return to the Paris deal  and then hosting the summit ahead of the COP26, to be held in Glasgow in  November.

Hasina, president of Climate Vulnerable Forum, a  grouping of 48 climate vulnerable countries, thanked Biden for convening  the Summit and inviting her to speak to this august gathering. Deeply  appreciating the US's return to the Paris deal, she said Bangladesh is  keen to engage with the international community.

The PM also  suggested pursuing Loss and Damage, a process that refers to the harms  caused by anthropogenic climate change within the UN Framework  Convention on Climate Change (UNFCCC).

"The Covid-19 pandemic has reminded us that global crisis can only be addressed through strong collective response," she added.

As  a responsible member state of the COP, and as the CVF chair, Hasina  suggested immediate and ambitious action plan by developed countries to  reduce their carbon emissions to keep the global temperature rise to 1.5  degrees Celsius.

She said the developing nations should also  focus on mitigation measures. "Focus is needed on green economy and  carbon neutral technologies with provision of technology transfer among  nations."

The premier said despite being a climate vulnerable  country with resource constraints, Bangladesh has emerged as a global  leader on adaptation and mitigation.

Every year the country is  spending about $5 billion, about 2.5 percent of its GDP, on climate  adaptation and resilience-building measures, she said, adding that the  1.1 million forcefully displaced Rohingyas who took shelter in  Bangladesh following the 2017 military crackdown in Rakhine worsened the  country's vulnerability.

Hasina said Bangladesh is pursuing a low  carbon development path to raise the country's Nationally Determined  Contribution (NDC) and adaptation ambition. The country has also  included new sectors in addition to the existing energy, industry and  transport sectors in the mitigation process.

She said the Bangladesh government is planning to submit a quantified ambitious NDC by June this year.

Stating  that Bangladesh is observing "Mujib Year", marking the birth centenary  of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the PM said  the government is planting 30 million saplings nationwide and has  adopted "Mujib Climate Prosperity Plan" to achieve low carbon economic  growth.

As the chair of the Climate Vulnerable Forum and V20,  Bangladesh's key focus is to uphold the interests of the climate  vulnerable countries, she said.

South Asian regional office of the  Global Centre on Adaptation, which is hosted by Bangladesh, is also  promoting locally-led adaptation solutions, the PM added.