DHAKA, Nov 19, 2024 (BSS) - Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan today called for prioritising public funding for climate adaptation.
 
She made the call while speaking at a High-Level Ministerial Dialogue on Adaptation Finance at COP-29 in Baku, the capital of Azerbaijan, according to a message received here today.
 
The event, held in meeting room-11, emphasised the urgency of channeling adaptation funds through UNFCCC mechanisms like the Green Climate Fund (GCF) and ensuring a balance between mitigation and adaptation financing.
 
Highlighting Bangladesh's vulnerability to climate change impacts, Rizwana said: "Bangladesh strongly urges dedicated adaptation financing windows and allocations for climate-vulnerable countries to protect millions and build resilience."
 
She stressed enabling national entities to access funds and warned against reliance on market-based loans, which exacerbate debt burdens in developing countries.
 
Bangladesh's National Adaptation Plan (NAP) estimates an annual requirement of US$ 8.5 billion for adaptation. However, in two decades, the Adaptation Fund and Least Developed Countries Fund (LDCF) have collectively generated only US$ 3 billion for 160 countries-a significant shortfall.
 
"The proposal to double adaptation financing from 2019 levels by 2025 lacks transparency and fails to meet the real needs of vulnerable nations," the environment adviser said.
 
As one of the most climate-vulnerable countries, Bangladesh faces relentless challenges. In the past 18 months, the nation endured 15 climate-induced disasters, including two unprecedented floods in 2024 that caused US$ 1.7 billion in losses and impacted 1.8 percent of the national budget.
 
Currently, 1.2 million people are waterlogged due to rising sea levels and river morphology changes, a ministry press release said.
 
Despite contributing less than 0.4 percent of global greenhouse gas emissions, Bangladesh disproportionately suffers the consequences of climate change.
 
Rizwana reiterated Bangladesh's demand for climate justice, equity, and an immediate increase in adaptation financing to address the escalating challenges.
 
Earlier in the day, the adviser spoke at an event titled 'Climate Change and Mental Health' on the sidelines of the global climate meet - COP29 - being held in Baku.