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.”
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.