Speakers at a seminar stressed that climate finance will be ineffective without significant carbon emission reductions ahead of the COP29 Conference in Baku of Azerbaijan.
The seminar organised by EquityBD, a network of NGOs, highlighted the urgent need to limit global warming to below 2°C by 2100 at the CIRDAP Auditorium on Saturday.
Delegations from all countries, including Bangladesh, should aim for a 42% reduction in emissions by 2030 from 2019 levels to keep the temperature rise between 1.5°C and 2°C, the speakers at the seminar said.
Rezaul Karim Chowdhury, Chief Moderator of EquityBD, presided over the event, featuring speakers from various organisations.
In his keynote speech Abul Hasan from COAST Foundation called for the removal of conditions on climate finance for poorer nations, urging that discussions at COP29 should be need-based.
Shamsuddoha from CPRD noted the lack of a universally accepted definition of climate finance, allowing all financial aid, including loans from wealthier nations, to be labelled as climate finance. He highlighted the need for direct aid to vulnerable countries rather than through profit-driven institutions like the World Bank.
Dharitri Kumar Sarkar from the Ministry of Environment, Forest and Climate Change said that recommendations from the seminar would inform Bangladesh's position for COP29, noting the challenges of reaching consensus among 128 member countries. Dr. Fazle Rabbi from PKSF pointed out that less than 1% of pledged funds for climate action have reached affected countries, often hindered by infrastructure and policy issues.
Ziaul Haque Mukta from CSRL warned that even if countries meet their commitments, global warming could still rise above 3.1°C by 2100, stressing the need to keep it under 2°C. He emphasised the urgency of reducing GHG emissions by 42% by 2030, yet noted a lack of visible efforts in that direction.
Rezaul concluded the seminar, stating that at least 75% of climate finance should be managed through the UNFCCC to prevent mismanagement of funds.