COP29: Bangladesh will push for full implementation of debt relief framework

Bangladesh will push for full implementation of debt relief frameworks, like the G20's "Common Framework," in upcoming COP29 summit to free up resources for climate action. 

Additionally, they will advocate for phasing out fossil fuel subsidies, potentially unlocking over $500 billion annually with other LDC's countries for adaptation and renewable energy.

"Since June, 2024, we are discussing the issues, government and non- government participants discussed their demands and positions for the upcoming COP-29, with an additional goal of enhancing emission reductions by phasing out the use of fossil fuels�but still there is more to do, as the global north is yet to fix the definition of "loss and Damage," eminent environment expert Dr Ainun Nisht said.

Bangladesh, representing the Least Developed Countries (LDCs), will use COP29 to advocate for significantly increased climate finance, debt relief mechanisms and just energy transitions. 

Acknowledging this, the civil societies of Bangladesh are going to put more emphasis on reducing it to 1.5 degrees Celsius in upcoming COP-29, which is going to be held in Baku, Azerbaijan.

A key demand for Bangladesh at the upcoming COP29 will be to limit global temperature rise to 1.5�C, aligning with the Paris Agreement's target.

Bangladesh Position paper has said the nation faces a staggering climate finance gap, requiring an estimated $480 billion annually by 2030, far exceeding the currently pledged and underfunded $100 billion. 

Citing the position paper of the government, Dharitri Kumar Sarkar of the Ministry of Environment and Forests mentioned that the discussions and recommendations will be incorporated into the position paper prepared by the Bangladesh government for the upcoming climate conference. 

"The main challenge at the conference is that all 128 member nations must reach a consensus to make any decisions, which makes swift resolutions difficult," he noted.

Meanwhile, Bangladesh emphasizes the urgency for investment in sustainable agriculture and urban resilience as climate change increasingly threatens food security and urban population. Global cooperation is paramount to translate climate commitments into tangible financial support, enabling vulnerable nations to effectively combat the climate crisis.

"The financial support is critical as climate change threatens to reduce Bangladesh's GDP by up to 9.8 per cent by 2050 and caused $11.3 billion in damages in 2021 alone," according to a World Bank, 2021 report.

The Position Paper has said Bangladesh emphasizes the importance of the rapid operationalization of the Fund, particularly in relation to addressing the immediate and urgent needs of vulnerable countries facing climate-related losses and damages. 

Bangladesh calls for timely disbursement mechanisms to ensure that the most vulnerable countries, like Bangladesh, can access resources without any delay. 

"The Fund for Loss and Damage (FLD) needs to be operationalized further with easy access modalities so that vulnerable developing countries can capitalize on the financial resources to address loss and damage at the national level. In addition, the access modalities of the FLD should enable rapid, simple, and direct budget support to vulnerable developing countries like Bangladesh," Professor Nishat has said.

In addition to the pledges made by some countries, there should be new and additional pledges, particularly from the Parties, with greater responsibility and capabilities to meet the needs of vulnerable developing countries like Bangladesh and ensure a fair allocation of resources, he added. 

There should be a sub-goal in the NCQG for finance to address loss and damage in vulnerable developing countries like Bangladesh, in addition to adaptation and mitigation; however, Bangladesh urges the COP and CMA to provide clear guidance to the Fund to adopt transparent and equitable allocation mechanisms,  Dharitri Kumar Sarkar has said.