A civil society network led by EquityBD made a call to the developed countries and their allies and partners including global lending agencies to cancel all the debts involving climate financing.
It also demanded compensation and grant-based financing instead of giving loans.
It also criticised the World Bank, the Asian Development Bank and the Japan International Cooperation Agency for their role in making the LDCs [Least Developed Countries] and CVCs [Climate Vulnerable Countries] indebted in the name of climate financing.
The demands were made in a human chain programme organised and participated by some CSO networks including Bangladesh Krishak Federation (BKF), Centre for Participatory Research and Development (CPRD), Equity and Justice Working Group Bangladesh (EquityBD), Global Law Thinkers Society (GLTS), Nirapad Development Foundation (NDF), Upakul Surokhha Andolon, Youth Net for Climate Justice and Water Keepers and many others.
The session was moderated by Mostafa Kamal Akand of COAST Foundation.
Aminul Hoque of EquityBD said that the SAP (Structural Adjustment Program) prescribed by IFIs in the 1980s has repatriated trillion dollars of resources from the LDCs to the developed countries. Now they come with a new global issue called it “Climate Finance” and pushing the LDCs and the CVCs in another round of debt trap.
He also said that the Paris Agreement is unfair, and its financing process is unfair too.
“So, financing process must be unconditional under the agreement and be supported as compensation to poor countries for fighting climate change,” he said.
Sharif Jamil of Water Keepers said that Bangladesh and other poor countries already have already been in their trap because of their debt-driven policy in addressing climate change.
Nikhil Cahndra Bhadra of Upakul Surokhha Andolon said that poor countries have already merged their resources for debt payment and they are reducing the public expenditures for agriculture and other essential and pro-poor services that are aggravating poverty further.
Badrul Alam has criticised the IFIs yet to change their anti-poor role which is frustrated.
Rezaul Karim Chowdhury of EquityBD expressed his worries about the current external debt of $1100 per capita.
He recalled Prime Minister Sheikh Hasina’s commitment for discarding any loan addressing climate actions and urged to keep this commitment for a sustainable climate finance strategy for the country instead of taking loan.