DHAKA, Nov 20, 2024 (BSS) - Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan today underscored the need for adequate and quality climate financing under the New Collective Quantified Goal (NCQG).

Speaking at the Bangladesh Press Conference at COP29 in Baku, Azerbaijan, she stressed the need for a US$ 1.3 trillion commitment for adaptation, mitigation, and loss and damage, proposing grant-based financing for adaptation, loss and damage and concessional financing for mitigation.

The adviser highlighted that public financing should remain the primary source under NCQG, with the private sector playing a supportive role, according to a message received here.

She proposed at least 20 percent of this funding flow through established UNFCCC mechanisms, such as the Green Climate Fund and Adaptation Fund.
Rizwana put emphasis on defining climate finance to ensure transparency and accountability through the Standing Committee on Finance.

She also noted Bangladesh's urgent adaptation needs, citing the Adaptation Fund Gap Report 2023, which estimates an annual requirement of US$ 8.5 billion, leaving a shortfall of US$ 5.5 billion.

The environment adviser called for immediate action to fill this gap through external grants, warning of the increasing costs of inaction.
Voicing concern over slow progress in climate finance, particularly the loss and damage fund and NCQG, she criticised the lack of urgency from major emitters.

"Existing policies fall short of limiting global warming to 1.5 degree Celsius. We are in a decisive decade that will determine our planet's future," she said.

Rizwana also expressed disappointment over unresolved issues, including the review of the Warsaw International Mechanism for Loss and Damage and the stalled Mitigation Work Programme.

She urged developed countries to take the lead in mitigation and fulfill their commitments under Article 6, rather than shifting the burden to developing nations.

The adviser also called for stronger commitments informed by the Global Stocktake (GST) outcomes, emphasising the need for tripling renewable energy capacity and doubling energy efficiency by 2030.
 
"Bangladesh can transition to renewable energy with higher ambition, provided the necessary finance and technical support are available," she stated.

Environment, Forest and Climate Change Secretary Dr Farhina Ahmed, Power Division Secretary Farzana Mamtaz, Director General of Department of Environment Abdul Hamid, Additional Foreign Secretary M. Riaz Hamidullah and Additional Secretary of Economic Relations Division AKM Sohel, were also present at the press conference.