Minister for Environment, Forest and Climate Change Md. Shahab Uddin said on Monday that the most vulnerable developing countries like Bangladesh urgently require new, predictable and adequate grant-based public financing for adaptation beyond voluntary donor assistance.
"We want to see the developed countries keep their commitments to mobilise $100 billion dollar per year by 2020 and through 2025, and should make up the shortfall from the past three years (2020-2022),” he said.
The Minister said this while addressing the Pre-COP28 Ministerial Preparation Meeting held in Abu Dhabi of UAE on Monday, said a media release signed by Dipankar Bar, senior information officer of the ministry.
Special Envoy to the Prime Minister on environment and climate change and Chairman of standing committee for Ministry of Environment, Forest and Climate Change Saber Hossain Chowdhury and Secretary to the ministry Dr. Farhina Ahmed were also present on the occasion as members of Bangladesh delegation.
Read: COP28 President calls for improved adaptation finance for climate vulnerable nations
Shahab Uddin also said that clarity is needed on how delivery of this commitment will be timely reported and accounted for. Failure to do so will significantly undermine the trust and jeopardize the work progress.
He said the New Collective Quantified Goal (NCQG) on Climate Finance must be significantly higher than the last goal of $100 billion dollar per year, prioritize grants over loans, and reflect the actual needs for developing countries to adapt to the inevitable impacts of climate change.
Read: Estimate cost of climate-induced damages Bangladesh faces before COP28, JS committee asks govt
Minister Shahab Uddin said Parties should commit to agreeing on a definition of climate finance that facilitates accountability and transparency of climate and non-climate finance flows.
He added that the outcome of COP28 should stress that developed countries are responsible for leading the provision and mobilisation of climate finance to developing countries.