Issue of 'loss and damage' prolongs COP27 for two more days

World leaders are still in dilemma to formally consider the issue of "loss and damage" to address the challenges of the vulnerable nations suffering from climate change during the war in Ukraine, high inflation, food shortages and an energy crunch.
"They (leaders or heads of the states) may extend the duration of summit for two days more to discuss the issue or pending the
"loss and damage" issue as an agenda for the next summit," a senior Bangladesh official said preferring anonymity.
Meanwhile, the developed countries provided and mobilised US$83.3 billion in overall climate finance in 2020, according to the Organization for Economic Co-operation and Development.
Also, combining both the demand for mitigation and adaptation, the financing amount of $100 billion committed at that time, so, how developed countries will meet the $100 billion target and how climate finance will be arranged post-2025 is crucial for the least developed and developing countries, all these things are still undecided in the COP27 summit, the official said.
For the last few days, the Bangladesh delegation has said they are trying to convince the developed countries to deliver on the $100 billion finance per annum that they had promised to provide to the countries hit by climate change earlier.
Although the world leaders are yet to take any decision over the loss and damage fund, the Asian Development Bank (ADB) has raised its climate change financing ambition for 2019-2030 from $80 billion to $100 billion, of which $34 billion is allocated to adaptation.
Foreign Minister Dr AK Abdul Momen expressed the hope that Bangladesh could receive low-cost funding from a $34 billion climate adaptation fund from the Asian Development Bank (ADB) by 2030. At the COP27 on Wednesday.
"I asked the ADB for adaptation funding," the Minister said, describing it as a successful outcome from the COP27 in a session on "Mobilisation of Private Sector Financing and Action in Climate with focus on Agriculture, Forest and Land Use (AFOLU)" at the Bangladesh Pavilion, he said, "Our payment is overdue, and we need the money, so we hope to get low-cost funding from the ADB."
Bangladesh is much more affected by climate change than other countries but it does require technology transfer as well as funding for adaptation and resilience to climate change, said the Foreign Minister.
The Ministry of Environment, Forest and Climate Change is set to adopt a plan to spend $230 billion over the next 27 years in an effort to save Bangladesh from the impacts of climate change.
Bangladesh loses 1.3 per cent of its GDP every year due to climate change, according to CEGIS' calculations. The country's GDP stood at $465 billion in the 2021-22 fiscal year and it lost $4.65 billion.
Losses, by one estimate, may amount to more than 2 per cent of GDP in 2030 and 9 per cent in 2050 if no effective action is taken on climate change,
Bangladesh will be forced to spend $8.5 billion annually to deal with the considerable damage caused by climate change. Another $230 billion will be needed in the 27 years from 2023 to 2050, the Ministry of Environment and Climate Changes claimed.