Eperts at the UN's annual climate change summit, the 28th Conference Of the Parties, or COP28, are suggesting tariff benefits or other forms of incentives for the private sector to induce them to invest in climate-resilient projects.
The experts noted that developed countries are placing responsibility on the private sector instead of investing in climate change.
However, as the private sector remains hesitant to invest in climate-resilient projects, they emphasized the need for tariff benefits or incentives to boost investment.
Dr. Rezaul Karim, a member of Bangladesh's negotiation team, highlighted that carbon-emitting companies aren't being fined.
"This is not happening in Bangladesh either. Companies should be fined to raise government revenue. Industries should be taxed," he told UNB.
Dr Karim also suggested taxing emissions and providing tariff concessions to stimulate private sector investment.
"On the other hand, they should be granted tariff concessions to boost investment from the private sector," he said.
Consequently, as revenue increases, so will income. Simultaneously, investment in the private sector will rise, he added.
Dr Ainun Nishat, one of Bangladesh's foremost experts in the field of climate change or water resource management, is also a member of the Bangladesh team.
Dr Nishat was telling UNB how the global leaders need to play a bigger role in driving private sector investment in climate finance.
"Global leaders have to invest in climate change mitigation and adaptation, with a significant role envisioned for the banking sector," he said.
The man chosen to preside over the Conference, during his engagements made it clear that fossil fuel companies can use technology to reduce carbon pollution if they want to, said Dr Nishat.
"Fossil fuel-dependent countries have strongly raised this issue. Meanwhile, the Loss and Damage Fund has been initiated. However, the challenge of securing financing in the climate sector is growing," he added.
Regarding the reduction of carbon emissions and the $100 billion promised by developed countries, finding common ground has been a challenge
so far during this year's talks.
The Loss and Damage Fund's implementation eased some conference tasks, but complexities emerged around the cessation of fossil fuel use.
Hafizul Islam Khan, a Bangladesh delegation member, explained that the Loss and Damage Fund's operations will not get underway for at least another 8 months.
"The board of directors formed to manage this fund will meet in the first meeting in January next year. And this council will take the final decision regarding the payment into the loss and damage fund," he said.
He also said that Bangladesh is unable to access the global climate fund due to lack of preparation.
Hence from the beginning the work of creating efficient manpower and structure to get the money from loss and damage fund should be started, he added.
Manjurul Hannan Khan, executive director of Nature Conservation Management, observed that COP28 struggled to decide on reducing fossil fuel use.
Rather, the position of energy-rich countries, including the hosts, grew stronger in favor of using fossil fuels for a longer period of time by reducing carbon pollution through the use of technology, he said.
"Among these, there may be a goal of tripling the use of renewable energy and doubling the use of energy efficiency by 2030, but there's some doubt over whether it will be achieved. As a result, it is no longer believed that global temperature increase can be kept to 1.5 degrees in the 21st century," he added.
Despite goals for renewable energy and energy efficiency by 2030, doubts persist about achieving them, challenging the belief in limiting global temperature increases to 1.5 degrees in the 21st century.
The COP-28 commenced in Dubai on November 30 and will run until December 12, with representatives from 198 countries participating.
Various events at the conference involved heads of government, representatives, and environmental experts from different countries.