Bangladesh has asked the multilateral banks should they provide loans then they must go for interest rate at 0.5 to 0.75 percent for 40 years period.
"If Bangladesh agrees to short term loan then it might be harmful to us as the country is suffering huge loan burden," Manjurul Hannan Khan, chief of natural conservation management, a non-government organisation said with a caution.
The multinational banks and companies want to make more profit from climate business in the name of climate funding, he said while talking to the reporters after the multi lateral leading agencies unveiled their future investment plan for LDC countries.
He raised question why Bangladesh seeks loan when the Paris agreement on climate change agreed to support the financial, technological and knowledge to developing countries by developed nations, he remarked.
According to Paris agreement, the developed countries agreed to provide USD$100 billion grant each year. But, they provided only $20 billion so far, he informed.
Climate change has become a business for asset owners, multilateral development banks and multinational companies, he said.
Leaders from business, finance and philanthropic communities-including investors worth a collective $10 trillion in assets-announced Thursday at the COP29 Business, Investment, and Philanthropy Climate Platform (BIPCP) that they will unite for the first time to accelerate the deployment of private capital into climate markets.
Of the commitment, Asian Development Bank announced $3.5 billion of funding for new programme to help counter the impact of melting glaciers.
Besides, Azerbaijani banking sector to allocate $1.2billion to green projects through to 2030.
Sweden announced contribution of $730 million to the UN Green Climate Fund.
The COP29 Presidency brings together UNCTAD, UNDP, the WTO, International Trade Center (ITC), previous and future COP Presidencies, multilateral development banks and multilateral climate funds to create the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) Dialogue
In the opening days of COP, there has been significant progress on Article 6 and the NCQG. Outside the negotiations, the COP29 Presidency is providing the platform for other actors to step up and contribute.
Finance, Investment and Trade Day saw representatives from the private sector, multilateral development banks and philanthropic organisations, climate funds, international organisations, and civil society come together in a collective effort to combat the situation, although they are very much reluctant to disburse the fund.
