Prime Minister Sheikh Hasina on Thursday placed a five-point proposal, including the green recovery of climate vulnerable countries with support from the developed nations, as the climate change has brought them to a threshold.

“Developed nations should facilitate the green recovery of the CVF-V20 countries. Dedicated support is required for reducing the cost of capital and encouraging private sector participation,” she said while placing her proposals in the first V20 Climate Vulnerable Finance Summit.

Sheikh Hasina, also the President of Climate Vulnerable Forum (CVF), opened the Summit organised by Finance Ministers of the Vulnerable Twenty (V-20), joining it virtually from her official residence Ganobhaban.

“Every country must pursue an ambitious target to curb Greenhouse gas emissions to keep the global temperature-rise below 1.5ºC,” she said.  

“Fund flow must be predictable, balanced, innovative and incremental. Development partners and international financial institutions should adopt a user-friendly process of fund allocation and disbursement. There must be synergies among various climate funds,” she said in the third proposal.

“Rich nations must help CVF-V20 countries by closing the existing financial gaps in protecting climate-induced disasters. Financial support is needed to introduce smart insurance premium subsidies and capitalization of insurance products for CVF countries,” said Hasina, placing the fourth proposal.  

“Finally, every vulnerable country may actively consider adopting a 'climate prosperity plan' like our 'Mujib Climate Prosperity Plan.' I request the international community to provide all-out support to realize our plans,” she said, putting forward the fifth proposal.

The Prime Minister said Earth is in a dire state. “We must be sensible in our actions. Let’s work together to build a strong climate resilience world.”

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She urged the finance ministers, development partners, international financial institutions, and multilateral development banks to find innovative financing solutions for climate prosperity.

Hasina said the disastrous impacts of climate change mainly caused by GreenHouse Gas emissions are loudly visible around the world. “We must reverse these for our survival and survival of our future generations,” she added.  

The 48 countries under CVF-V20 account for only five percent of the total global emission. But they are the worst victims of the manmade crisis, she said.

Besides, the ongoing Covid-19 pandemic has added new miseries claiming lives and affecting the livelihoods of millions. “At this critical juncture of human history, we must forge a unity and extend cooperation to face the ongoing and future crises,” said.

“The world community should recognize the vulnerability of our people, our common aspirations, the need for technology transfer, and additional funding to tackle the impacts of climate change and the Covid-19 pandemic,” said the CVF president.

 The international community and the developed countries should play their historical responsibilities and their moral and legal obligations, she said.

Turning to Bangladesh, the Prime Minister said Bangladesh is ranked 7 amongst the worst victims of climate change, according to the Climate Risk Index 2020.

The Covid-19 pandemic, prolonged floods and the Super Cyclone Amphan in 2020 took a heavy toll on the lives and livelihoods of millions in Bangladesh, she said.

Noting that Bangladesh is a global leader in disaster management and locally-led adaptation and mitigation measures, she said the country is hosting the South Asia Regional Office of Global Center on Adaptation. “Every year we spend around 5 billion US dollars, around 2.5 percent of our GDP, on climate change adaptation and resilience building,” she said.

“During the current pandemic, my government has launched 23 recovery packages worth over 15 billion US dollars, approximately 4.2 percent of our GDP,” she added.

Bangladesh is preparing the National Adaptation Plan and about to finalize the Nationally Determined Contribution-NDC. “In a bid to raise green coverage, we’re planning around 30 million saplings across the country this year marking the birth centenary of our Father of the Nation Bangabandhu Sheikh Mujibur Rahman,” said Hasina.

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She mentioned that her government has also prepared ‘Bangladesh Delta Plan 2100’ with the vision of achieving a safe, climate resilient and prosperous Bangladesh. “We’re one of the founding donors of the new CVF and V20 Joint Multi-Donor Fund under the United Nations.”

“Our National Parliament declared a “Planetary Emergency” and called everyone to work “on a war footing’’ to stop climate change. We expect similar actions from the rest of the global leaders,” the PM said.

“We’re implementing the world’s largest climate refugee rehabilitation project named ‘Khurushkul Special Shelter Project’ rehabilitating 4,409 families at 139-multi-storey buildings,” she added.

The CVF initiated a new climate prosperity programme to move from climate vulnerability to climate resilience and then turn climate resilience into climate prosperity. “As the Prime Minister of Bangladesh, I’m delighted to declare ‘Mujib Climate Prosperity Plan – Decade 2030’ in honor of the birth centenary of the Father of the Nation,” she said.

Hasina called upon the developed countries to reduce their carbon emissions drastically. “We also count on the delivery of the agreed $100 billion per annum as climate finance. We also request a COP26-CVF joint program along with the Dhaka-Glasgow declaration,” she said.

UN Secretary General António Guterres, Colombian President Iván Duque Márquez, Ethiopian President Sahle-Work Zewde, Costa Rica President Carlos Alvarado Quesada, acting President of the Marshall Islands Christopher Loeak, Chair of the Global Centre on Adaptation Ban Ki-Moon, US special presidential envoy for climate John Kerry, President of World Bank Group David Malpass, President of Asian Development Bank (ADB) Masatsugu Asakawa and President of European Investment Bank Werner Hoyer, among others, spoke at the opening session of the virtual summit hosted by Bangladesh.

Finance Ministers of the V20 countries, and representatives from the G7 and G20 countries, heads of IFIs and MDBs and partners attended the summit.