Adviser to the Ministry of Environment, Forests, Climate Change and Water Resources, Syeda Rizwana Hasan called for allocation of grant-based funds to important sectors including adaptation, erosion and compensation in the ongoing New Collective Quantified Goals (NCQG) discussions of the World Climate Conference (COP29).
This information was informed in a press release sent by the ministry on Thursday (November 21).
Addressing a plenary session on the NCQG, he emphasized the need for fair, transparent and equity-based climate finance that reflects the realities of developing countries. He pointed out that the first option of setting targets (Option One) did not yet take into account the realities and circumstances of Least Developed Countries (LDCs) and was still weak. A quantitative share of at least 50 percent of the allocation should be ensured in the adaptation sector.
He noted at the negotiations that the Bangladesh delegation, in solidarity with the G77, LDCs and Small Island Developing States (SIDS), advocated for a strong and inclusive NCQG framework. He, however, expressed concern over the absence of a clear grant component in the proposed draft and the linking of grant funding with mobilized finance (which is referred to in Article 23).
He rejects the second option (Option Two), which seeks to include all financing, investment and even internal resources of developing countries. Besides, he also raised concerns about some of the financing channels mentioned in Articles 32 and 33. He said such a proposal is against the principles of justice, principles, equality and common but differentiated responsibility of the Paris Agreement.
Syeda Rizwana Hasan pointed out that loan waiver is very important to reduce the financial burden of FDC. He said, LDC cannot afford any more debt in this crisis of survival. In addition, he called for the removal of any reference to 'opaque carbon markets'. Because it undermines the very spirit of the Paris Agreement.
He further said that as the COP29 negotiations move towards conclusion, Bangladesh and the LDC group want to participate fully to ensure that the final structure of the NCQG maintains fairness and equity and is consistent with the goals and objectives of the Paris Agreement.
Earlier, Advisor to the Ministry of Environment, Forests, Climate Change and Water Resources Syeda Rizwana Hasan held a meeting with representatives of the European Parliament at COP29. He presented Bangladesh's position and expectations to the EU members there.
