Photo : Collected
A positive decision on finance is anticipated on the final day of COP29, as the conference’s success heavily relies on financial commitments, said Mirza Shawkat Ali, Director of Climate Change and International Conventions at the Department of Environment. saying that without a financial declaration, COP29 will not be considered a success.
The World Climate Conference (COP29) has been ongoing in Baku, Azerbaijan, since November 11 and will continue until November 22.
Representatives from member countries gather annually to address the adverse impacts of climate change.
The ministerial-level high-level segment of the conference will conclude on November 20 and experts believe several key decisions may be made during this meeting.
Shawkat Ali said that Bangladesh’s Environmental Adviser held a meeting with the Japanese Minister the previous day, where Japan expressed optimism that a positive outcome on finance would be reached by the end of COP29, as this is crucial for the conference’s success.
Azerbaijan’s President is leading efforts in this regard. He added that an assessment of the damage caused by climate change in Bangladesh indicates that the country will need $5-6 trillion by 2030.
Currently, Bangladesh is seeking between $1.1 to $1.3 trillion in funding.
Shawkat Ali mentioned that after the ministerial meeting concludes today, discussions over the next two days between developed and affected countries are expected to lead to a final agreement.
He said that a major tax increase has been proposed as part of the COP outcomes, which could be reduced after discussions at the ministerial level.
Shawkat Ali expressed the hope that a positive financial declaration would come either on the final day of COP29 or the following morning, with the expectation that an announcement regarding financial support for affected countries, including Bangladesh, would be made.
Meanwhile, Prof Dr Ahmed Kamruzzaman Majumder, Chairman of the Center for Atmospheric Pollution Studies (CAPS), told UNB that industrialised nations had promised to provide $100 billion annually by 2025, but they have failed to meet their commitments. This year, COP29 is focusing on ensuring long-term economic stability through climate change mitigation.
Dr Majumder also noted that an agreement to establish a Loss and Damage Fund has been signed to assist affected countries.
The fund, effective from 2025, will support the reconstruction and recovery of countries impacted by climate change, marking a significant achievement. International financial institutions are playing a vital role in climate financing at COP29.
Syeda Rizwana Hasan, Adviser to the Ministry of Environment, Forest and Climate Change, and head of the Bangladesh delegation, told UNB that Bangladesh requires $8.5 billion annually for adaptation under its National Adaptation Plan (NAP).
But, over the past two decades, only $3 billion has been raised from adaptation funds and the Least Developed Countries Climate Fund (LDCs), which is insufficient for 160 countries.
She said the proposal to double the adaptation fund by 2025 is struggling with transparency issues and is failing to meet real needs.
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