BD will push for 'Loss and Damage Fund' to roll at COP-28

Bangladesh is set to advocate for the operationalization of the "Loss and Damage Fund" for climate-vulnerable countries during the COP-28, focusing on effective climate adaptation and mitigation.

The issues related to the "Loss and Damage Fund Operationalize" and the resolution of its "Detailed Arrangement" are scheduled for discussion during the COP-28, which will continue from November 30 to December 12, 2023, in Dubai.

Environment, Forest and Climate Change Minister Md Shahab Uddin said on Monday that "Bangladesh's commitment to actively participating in various issue-based discussions, representing least developed countries and those highly endangered and vulnerable due to climate change."

Minister highlighted that vulnerable nations, including Bangladesh, are spending over 25 percent of their annual expenses on adaptation efforts in response to the climate emergency.      

Bangladesh, representing the 48 vulnerable countries, will emphasize the injustice of expecting climate-vulnerable nations to bear such a heavy financial burden for emissions caused by others.

Bangladesh has previously called for a Delivery Plan for the UN-agreed $500 billion of additional climate finance from developed countries for the years 2020-2024, which is approaching its end without full implementation. Bangladesh is a founding member of the Climate Vulnerable Forum (CVF), comprising 48 of the most climate-vulnerable countries.

Minister Md Shahab Uddin will lead the Bangladeshi delegation in the COP28 meeting, with approximately 100 members from Bangladesh's civil society participating in the summit.

Dr Ahmad Kamruzzaman Majumder, Professor and Chairman of the Department of Environmental Science at Stamford University Bangladesh and Founder and Director of the Center for Atmospheric Pollution Studies (CAPS), emphasized the need to address "in-transitional" losses in the "loss and damage fund." He explained that the impact of climate change has two sides: transitional and "in-transitional," and while discussions often focus on the former, the upcoming COP28 session aims to address the latter.

Dr Ahmad Kamruzzaman Majumder emphasized the need to calculate the socio-physical damage of various entities, acknowledging their immense value earned over thousands of years.

He expressed optimism about determining a specific number to claim losses from the "loss and damage fund."

 While Bangladesh has primarily focused on adaptation, recent initiatives such as the "integrated energy and power master plan" and the revision of the Nationally Determined Contribution (NDC) to the Paris Agreement present opportunities to accelerate the transition to clean energy and low-emission development.

The revised national plan will encompass industry, transport, power, waste, agriculture, forests, and other land use, the Minister said.

The Bangladeshi government has initiated more than 800 projects with a singular focus on effective climate adaptation and mitigation.

Bangladesh is actively participating in global climate change forums and has a robust legacy of climate change adaptation.

In October 2020, the country launched the "Climate Prosperity Plan," aimed at creating a strategic investment framework to mobilize financing, particularly through international cooperation. The "Mujib Climate Prosperity Plan 2030" has been drafted with the vision of achieving energy independence by maximizing the share of renewable energy and energy-efficient technologies. This plan aims to transition Bangladesh from a state of vulnerability to resilience to prosperity (VRP).

Despite these initiatives, Bangladesh still faces significant challenges posed by temperature rise, rainfall variability, sea level rise, and ocean warming, making climate issues a major concern for the country.

The government currently allocates approximately 6-7 percent of its annual budget to enhance climate resilience through adaptation initiatives, with seventy-five percent of the cost covered by domestic resources, according to the Climate Minister.

A transitional committee, consisting of members from 24 countries, will present recommendations for adoption at the COP28 summit in November 2023.

Notably, developed countries will, for the first time in 30 years of climate talks, contribute finance for the recovery and rebuilding of poorer countries affected by climate-related disasters. In the initial pledges, European nations have committed over US$300 million.  

The fund will provide support to the most vulnerable countries, and severely impacted middle-income countries can also apply for aid.

However, the challenging task ahead involves setting up and financing the fund, according to a UN release. UN Secretary-General Ant�nio Guterres described the fund as "an important step towards justice" for poor countries that have contributed minimally to the climate crisis but are suffering its most severe impacts.

Bangladesh emphasized that the implementation of the National Adaptation Plan (NAP) will demand a substantial investment, which needs to be rapidly mobilized from global climate funds. This includes accessing readiness support, seeking development assistance from bilateral and multilateral partners, and utilizing domestic sources.

The National Adaptation Plan (NAP) estimates the total investment required for 113 interventions, including 90 high-priority and 23 moderate-priority ones, to be BDT 20,037 billion (equivalent to US $230 billion) over 27 years (2023-2050).

The NAP aims to mobilize approximately 72.5 percent of the total investment cost by 2040. Achieving climate resilience will necessitate a sevenfold increase in current spending for transformation, amounting to $8.5 billion per year.

This includes $6.0 billion per year from external sources such as international climate funds and development partners, with the private sector contributing an estimated 5.1 percent of the total investment at an annual rate of $0.42 billion.