Climate-Vulnerable Nations Must Not Borrow to Survive

We welcome Bangladesh’s position at the 31st United Nations Climate Change Conference (COP31), which began on Monday in Antalya, Türkiye that the country will seek more grants and fewer loans in international climate financing. Our Prime Minister Tarique Rahman has rightly stressed that nations which contribute very little to global warming should not have to take on more debt to deal with its consequences. This position is timely because climate justice is all about fairness, and COP31 must ensure that. Besides, it would be morally wrong for those who have contributed most to global emissions not to accept a greater share of responsibility for helping vulnerable nations cope with the damage.

However, things do not always go as they are supposed to. Despite wealthy nations’ repeated promises of financial assistance to developing countries, the support delivered has consistently fallen short of what vulnerable nations actually need. Even when funds become available, complicated procedures and loan-based financing make them difficult to access. Against this backdrop, it would certainly be an injustice to increase the debt burden on countries like Bangladesh under the guise of climate assistance. Instead, climate finance should help vulnerable nations prepare for forthcoming disasters and recover from previous losses.

Climate change has already affected us a lot, taking a heavy toll on the lives of millions. Every year, cyclones, floods, river erosion and saltwater intrusion destroy our homes, damage crops, swallow farmland and threaten our agricultural livelihoods. Due to these disasters, people in our country are already living in fear of what the next year may bring. And while the government continues to struggle to spend scarce resources on recovery efforts and support for displaces communities, we certainly cannot afford more loans. More importantly, we should not be forced to take loans to address a crisis we did not create.

 Also, if we have to borrow more money every time a disaster strikes, there will be a definite risk of diverting resources from education, healthcare and our other development priorities.

In these circumstances, Bangladesh must use COP31 to demand a fairer climate financing system. Rich nations should fulfil their commitments through predictable grants. They must also simplify funding procedures so that assistance reaches affected communities without unnecessary hassle and delays. Moreover, Bangladesh needs access to modern technology, renewable energy and investment in climate-resilient infrastructure. At the same time, the country must strengthen its disaster preparedness. It also needs to ensure that available funds reach those who need them most. As cooperation with other climate-vulnerable countries can also help amplify our demands in international negotiations, the country should give this approach due attention. 

Ultimately, we expect our government to stick to its firm position throughout COP31 and beyond. The success of the conference should depend not only on the promises made but also on the support that actually reaches vulnerable people. The success of the conference also depends on wealthy nations recognising that climate finance is not charity but a matter of sheer responsibility. And they must fulfil this responsibility to help climate-vulnerable nations build a safer future, rather than leave them with another financial burden to pass on to the next generation.