Climate Recovery: Hasina seeks support from rich nations

Prime Minister Sheikh Hasina yesterday placed a five-point proposal, including on the green recovery of climate vulnerable countries with support from the developed nations, as the climate change has brought them to a threshold.

"Developed nations should facilitate the green recovery of the CVF-V20 countries. Dedicated support is required for reducing the cost of capital and encouraging private sector participation," she said while placing her proposals in the first V20 Climate Vulnerable Finance Summit.

Hasina, also the president of Climate Vulnerable Forum (CVF), opened the summit, organised by Finance Ministers of the Vulnerable Twenty (V-20), joining it virtually from the Gono Bhaban.

"Every country must pursue an ambitious target to curb Greenhouse gas emissions to keep the global temperature-rise below 1.5ºC," she said.

"Fund flow must be predictable, balanced, innovative and incremental. Development partners and international financial institutions should adopt a user-friendly process of fund allocation and disbursement. There must be synergies among various climate funds," she said in the third proposal.

"Rich nations must help CVF-V20 countries by closing the existing financial gaps in protecting climate-induced disasters. Financial support is needed to introduce smart insurance premium subsidies and capitalisation of insurance products for CVF countries," said Hasina, placing the fourth proposal.

"Finally, every vulnerable country may actively consider adopting a 'climate prosperity plan' like our 'Mujib Climate Prosperity Plan'. I request the international community to provide all-out support to realise our plans," she said, putting forward the fifth proposal.

The premier said the Earth is in a dire state. "We must be sensible in our actions. Let's work together to build a strong climate resilience world."

She urged the finance ministers, development partners, international financial institutions, and multilateral development banks to find innovative financing solutions for climate prosperity.

Hasina said the disastrous impacts of climate change mainly caused by greenhouse gas emissions are loudly visible around the world. "We must reverse these for our survival and survival of our future generations."

The 48 countries under CVF-V20 account for only five percent of the total global emission. But they are the worst victims of the manmade crisis, she said.

Besides, the ongoing Covid-19 pandemic has added new miseries claiming lives and affecting the livelihoods of millions. "At this critical juncture of human history, we must forge a unity and extend cooperation to face the ongoing and future crises," she said. 

The international community and the developed countries should play their historical responsibilities and their moral and legal obligations, the PM said.

Talking about Bangladesh, Hasina said the country is ranked 7th amongst the worst victims of climate change as per the Climate Risk Index 2020.

The Covid-19 pandemic, prolonged floods and the Super Cyclone Amphan in 2020 took a heavy toll on the lives and livelihoods of millions in Bangladesh, she said.

Besides, Hasina called upon the developed countries to reduce their carbon emissions drastically. "We also count on the delivery of the agreed $100 billion per annum as climate finance. We also request a COP26-CVF joint programme along with the Dhaka-Glasgow declaration," she said.